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Removing Barriers Blog

CUNA Joins Financial Trades in Sending Letter to Subcommittee on Financial Institutions and Consumer Credit
Posted November 02, 2017 by CUNA Advocacy

CUNA joined a number of financial trade associations in sending a letter in support of strong data security legislation to Chairman Blaine Luetkemeyer and Ranking Member Lacy Clay of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. 

As credit unions and their members know all too well, data breaches continue to put consumers and their personal information at risk.  CUNA has long been advocating for stronger data protection and notification standards.   
In the letter, the signers urge Congress to move forward on comprehensive legislation to that puts in place one strong national data security and breach notification standard eliminating the current inconsistent patchwork of state law.  

This standard should:  

1) Ensure that all entities are required to protect sensitive personal and financial data;  

2) In the event of a breach, require timely notification of consumers and impacted parties that are at risk; and  

3) Ensure compliance via appropriate Federal and State regulators and eliminate overlapping and inconsistent laws and regulations.  

Since Equifax announced its breach, CUNA has been diligently working to help ensure credit unions and their 110 million members are informed of what to do and possible legal options credit unions can join.  At the beginning of October, CUNA filed a lawsuit against Equifax and held a member-call with the lawyers that will be representing CUNA and credit unions throughout the country.  

CUNA looks forward to working with Congress on the importance and necessity of data security and notification legislation.