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

Washington
Senate Banking Leader is Considering Target Breach Hearing
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.


RSS





print
News Now LiveWire
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
25 minutes ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
2 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
2 hours ago
#Jobless claims duck under 300K for 3rd straight week #Market #Economy http://t.co/jOsZWf9HNJ
2 hours ago
62% worry about financial stability: @CUNAMutualGroup study http://t.co/5jCM1I1hnA
3 hours ago