It’s a busy week for credit unions on Capitol Hill, as a witness will testify on data breaches on behalf of CUNA and three CUNA-supported bills are expected to be considered on the House floor.
Kim Sponem, president/CEO of Summit CU, Madison, Wis., will testify at a House Financial Services subcommittee on financial institutions and consumer credit hearing titled “Examining the Current Data Security and Breach Notification Regulatory Regime.”
“Kim is going to reinforce a lot of the messages that we have been delivering to Congress for the last several year about the impacts that merchant data breaches have on credit union members and on credit unions as financial institutions,” said CUNA Chief Advocacy Officer Ryan Donovan. “She’ll address the need for a strong national data standard that all who are involved in the payments system are subject to. We believe that the merchants that accept cards for payment ought to be subject to the same standards as the banks and credit unions that issue those cards.”
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