Removing Barriers Blog

Data Security Hearings Held in House Committees
Posted November 02, 2017 by vgawali

Yesterday, two House subcommittees held hearings of a similar nature that unfortunately has become much too common – data security!  

  • House Energy and Commerce Subcommittee on Digital Commerce and Consumer Protection held a hearing entitled, “Securing Consumers’ Credit Data in the Age of Digital Commerce.” 

  • House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled, “Data Security: Vulnerabilities and Opportunities for Improvement.” 

While the hearings focused on different aspects of data security, both hearings were in response to the Equifax breach that was announced earlier this fall.   

The House Financial Services Subcommittee further examined data security with specific concern about the patchwork of state data breach notification laws and which parties should bear the cost and liability associated with breaches.  As CUNA has stated in the past, America’s credit unions should not be on the hook for data breaches outside of their control – like EquifaxHome Depot, Target, etc. 

The House Energy and Commerce Subcommittee again discussed the recent Equifax security breach as well as measures lawmakers can take to ensure the protection of consumers’ credit data.  CUNA has been advocating for strong data security standards.  Just yesterday, CUNA joined a number of other financial trade associations in sending a letter in support for stronger data protection and notification standards.  

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.  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.