NAFCU pushes need for national data security standard, greater regulation of credit bureaus
Ahead of today’s Senate Banking Committee hearing on consumer data security at the credit bureaus, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt sent a letter reiterating NAFCU’s call for a stronger national data security standard under which companies that maintain consumers’ financial records are incentivized to protect the data.
The hearing – further follow-up to the Equifax data breach that affected potentially more than 145 million Americans – begins at 10 a.m. Eastern.
In her letter to Senate Banking Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio, Hunt wrote that credit reporting agencies already subject to parts of the Gramm-Leach-Bliley Act (GLBA), like Equifax, should be subject to the same regulatory requirements as depository institutions.
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