Data security hearings begin today

The Senate Banking Subcommittee on National Security and International Trade and Finance will hear from the U.S. Secret Service, the Federal Trade Commission and others today on the threat of data security breaches to consumers.

The subcommittee is one of several congressional panels that, as urged by NAFCU, are planning hearings this week on recent data breaches at Target Corporation and other merchants affecting consumers’ personal and financial data. Last week, Target admitted the breach was made possible with data stolen from one of its service providers.

NAFCU is submitting a letter for the record of today’s hearing, “Safeguarding Consumers’ Financial Data,” which will include the American Bankers Association, the National Retail Federation, the U.S. Public Interest Research Group and the PCI Security Standards Council.

The Senate Judiciary Committee will hold a hearing Tuesday on cybercrime, and a House Energy and Commerce subcommittee will hold one Wednesday on protecting consumer information. The full Senate Banking Committee has a data security hearing set for Thursday.

NAFCU, the first financial trade to seek hearings and legislation immediately following the Target breach, is closely following all four hearings and will weigh in on its members’ behalf. Last week, NAFCU and the Independent Community Bankers of America jointly wrote the House and Senate urging action on this issue.

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