NAFCU witness Debra Schwartz, NAFCU Board treasurer and president and CEO of Mission Federal Credit Union (San Diego, Calif.), today will detail the impact recent data breaches have had on credit unions and steps Congress can take to hold other entities to similar standards as financial institutions during a House Financial Services subcommittee hearing.

In prepared testimony, Schwartz will highlight credit unions’ success in protecting members’ personal information as a result of the Gramm-Leach-Bliley Act (GLBA). The act established consumer data protections for certain financial institutions and requires a regulator to examine credit unions and other depository institutions for compliance with those provisions.

However, in her testimony, Schwartz will note that not all entities covered by GLBA, such as Equifax, are subject to compliance examinations. Schwartz will urge Congress to create a national data security standard for entities not already subject to one and ensure compliance with such regulations. Doing so will protect consumers and create accountability for negligent entities, Schwartz will testify.

 

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