CUNA member to testify before the House Financial Services subcommittee
WASHINGTON, DC (February 12, 2018) — Next week, credit unions will have a seat in front of the House Financial Services subcommittee as they hold a hearing to discuss harmful effects of data breaches and the importance of data security. Kim Sponem, president/CEO of Summit Credit Union in Wisconsin, will testify on CUNA’s behalf for the “Examining the Current Data Security and Breach Notification Regulatory Regime” subcommittee hearing on Wednesday.
“Credit unions have faced wave after wave of costs as a result of merchant data breaches, while the merchants themselves, despite credit unions diligently working to adhere to the strict data security requirements they face,” said Eli Joseph, CUNA deputy chief advocacy officer. “This hearing is an opportunity for lawmakers to hear directly about costs and other risks credit unions face because of data breaches, as well as a chance to share the principles that should be part of any legislative solution.”
CUNA strongly supports data breach legislation that would hold merchants, and others who handle sensitive consumer information, to the same standards credit unions and financial institutions adhere to under the Gramm-Leach Bliley Act.
The hearing will take place Wednesday, February 14 at 10:00 a.m. (ET).
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
