CUNA for hearing record: Breach debate must be all about protecting consumers

CUNA submitted a strong statement, both solo and jointly with its coalition partners, this week to the U.S. House Financial Services Committee on the issue of data security. The committee held its first hearing on data security topic since the massive Target data breach in late 2013, and CUNA’s letters were sent for the hearing’s record.

“We encourage you to ignore the excuses, attempts to pass blame and efforts to make this a fight between business sectors,” CUNA President/CEO Jim Nussle wrote. “The debate on data security should be about protecting sensitive financial information, ensuring consumers feel confident that their data is secure, whether it’s where they shop, or at their financial institution.”

Nussle added that credit union responses to protect members in the wake of a breach, such as reissuing cards and notification, do not come without costs and can make a significant difference in the bottom line of not-for-profit institutions. This could interfere with the ability to offer services to members.

Rep. Jeb Hensarling (R-Texas), chair of the committee, said it is time for Congress to step up and make progress when it comes to protecting consumers.

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