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CU System
Maine leagues data breach bill passes committee
AUGUSTA, Maine (2/25/08)--The Maine Legislature's Insurance and Financial Services Committee voted 12-0 in favor of a Maine Credit Union League-initiated amendment calling for a study of the impact of data breaches on the state’s credit unions and banks. The amendment directs the Bureau of Financial Institutions to study the effect of data security breaches on Maine banks and credit unions in 2007, including their response and the actual costs and expenses incurred as a result of the breach. Before a committee work session, the league met with several legislators that wanted the measure to include the Attorney General's Office and the Office of Consumer Credit Protection. That would have added a fiscal note to the legislation and would likely have killed it, the league said. "We had an opportunity to personally meet with a legislator who was considering submitting an amendment to the resolve that, although well-intentioned, would have made it difficult if not impossible to pass,” explained League President John Murphy. “The ability to effectively state our case, and the positive relationships and reputation of Maine's credit unions with our legislators resulted in a positive meeting with the legislator who, ultimately, withdrew his amendment,” Murphy said. The committee decided to leave the amendment in its original form, with a few changes that would not alter the scope of the study. The committee unanimously recommended passage of the legislation when it is considered by the House and Senate. The amendment requires the Bureau of Financial Institutions to submit its findings to the Joint Standing Committee on Insurance and Financial Services by Dec. 1.


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