Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
House Financial Services with have data security hearings, chairman says
WASHINGTON (1/14/14)--Rep. Jeb Hensarling (R-Texas), who heads the House Financial Services Committee, said his panel will conduct hearings to study how government agencies and financial institutions secure data they collect, reported Politic Pro yesterday. He did not tie the hearings, however, specifically to the recent data breach at Target.

The article noted that Democrats on Hensarling's committee have asked the chairman to schedule a hearing to study the breach at Target.

The Credit Union National Association has reached out to House Financial Services and Senate Banking Committee leaders, encouraging them to "fully examine the chronic issue of merchant data breaches, their impact on consumers and financial institutions."
 
The Target data breach compromised at least 70 million debit and credit cards and included stolen encrypted PIN data. "The cost of a merchant data breach--whether it is at a large national merchant or a local merchant--can be significant for credit unions of all sizes," CUNA President/CEO Bill Cheney wrote to key lawmakers.

CUNA is urging credit unions whose members' accounts were compromised to collect data about the costs they incur in replacing cards and assisting members and to submit the information via a CUNA survey (see resource link).

The survey will help CUNA better represent credit union interests to lawmakers, regulators and the media.

According to a Politico Pro "whiteboard"--or quick news burst--last week, Senate Banking Committee Chairman Tim Johnson (D-S.D.) said that he is considering conducting a hearing to study the recent data breach at Target,
Other Resources

CUNA Survey

RSS print
News Now LiveWire
#NewsNow: CU leagues of 5 states call for merchant breach accountability http://t.co/lnmpna8AoV
12 hours ago
Worker's CU, Fitchburg, Mass., was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award
14 hours ago
.@Servicecu was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award.
14 hours ago
SACU of San Antonio was 1 of 5 CUs honored with a 2014 @CUNA Technology Council Excellence in Technology Award
14 hours ago
Credit report tips from @CUNA's Susan Tiffany at @RISMediaUpdates http://t.co/ezefKXwWjw
15 hours ago