Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Wisconsin Assembly set to vote on data security bill
PEWAUKEE, Wis. (3/10/08)--Wisconsin data security legislation has passed the state Senate and is scheduled for a vote by the full Assembly tomorrow, says the Wisconsin Credit Union League. The Plastic Card Data Security Bills (AB 745/SB 439) prohibit merchants from retaining consumers’ secret personal identification numbers or security codes after processing a credit or debit card transaction. Lobbyists and individuals who represent merchants, retailers and other special interests have launched a massive campaign to kill this legislation it in the state Assembly, said the league. Losses to credit unions due to credit and debit card fraud were $177 million nationwide in 2006 and 2007, according to CUNA Mutual Group. "This legislation is just common sense," said Brett Thompson, league president/CEO. "It has no effect on the state budget, but enormous impact on every consumer in Wisconsin who uses plastic cards for purchases." (News Now Feb. 27). Sensitive authentication data from credit and debit cards often is retained without cardholders' knowledge and lost by companies who, by the credit industry's existing standards, shouldn't have collected and kept it in the first place, Thompson explained. The proposals would toughen industry standards dictating what information can be taken, transmitted and stored from a consumer's credit or debit card. The Community Bankers of Wisconsin, the Wisconsin Bankers Association, the Wisconsin Insurance Alliance, CUNA Mutual Group and the Wisconsin Federation of Co-ops also support the legislation.
Other Resources

RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
13 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
14 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
15 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
15 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
16 hours ago