WASHINGTON (1/7/14)--Senate Banking Committee Chairman Tim Johnson (D-S.D.) said Monday that he is considering conducting a hearing to study the recent data breach at Target, according to a Politico Pro "whiteboard"--or quick news burst--last night.
The Credit Union National Association has reached out both to Senate Banking and House Financial Services Committee leaders to encourage them to "fully examine the chronic issue of merchant data breaches, their impact on consumers and financial institutions."
Three Senate Banking panel member--Bob Menendez (D-N. J.), Chuck Schumer (D-N.Y.), and Mark Warner (D-Va.) --have also called on Johnson to hold such a hearing (News Now Jan. 3).
The Target data security failure--which included stolen encrypted PIN data--impacted millions of credit and debit card customers during the holiday gift-buying season.
"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 in the CUNA letter to key lawmakers.
"Failure to hold merchants fully accountable for data breaches when they occur ultimately harms consumers, undermines their confidence in our payments system, and adds to their growing frustrations that government is not protecting their interests," Cheney added in the letter, which was sent to House Financial Services Committee Chairman Jeb Hensarling (R-Texas), ranking committee minority member Maxine Waters (D-Calif.), Senate Banking Committee Chairman Tim Johnson (D-S.D.) and ranking committee minority member Mike Crapo (R-Idaho).
Use the resource link to read CUNA's letter to lawmakers.