NAFCU on Friday added its voice to the calls to Congress for relief for credit unions and other financial institutions in the wake of the massive Target data breach.
Dan Berger, the trade group’s president/CEO, commended the senators who have called for retailers to be held more responsible for protecting consumer information and wrote to Congress last week urging passage of legislation that would require merchants to adopt minimum data security standards and be accountable for security failures.
Also read: CUNA to Tally Target Breach Costs
“NAFCU believes merchants should bear responsibility for data breaches originating on their end,” NAFCU said in a statement Friday afternoon.
The trade group said such legislation is a key element in its plan for regulatory relief and noted in its statement that “credit unions and other financial institutions aren’t the problem in situations like these and that they have enough regulations and required standards they follow to protect consumers’ data.”