NAFCU’s president/CEO discusses cybersecurity and legislation.
NAFCU CEO says retailers should be held to Gramm-Leach-Bliley Act standards.
Trades argue measure will allow consumers and financial institutions to sue over damages from card data breaches.
Members surveyed also reported their average Target breach cost was $45,000.
In advance of Monday's Senate Banking Committee hearing on data security, bank and credit union trades urge action on issue.
Bipartisan legislation would require entities, including financial institutions, retailers and federal agencies, to investigate breaches and inform consumers.
CUNA and NAFCU's PACs supported more winners than losers in the midterm elections, yet CUs still lost some key allies.
Credit union stalwart Rep. Paul Kanjorski (D-Pa.) saw his 26-year congressional career end, yet Senate Majority Leader Harry Reid (D-Nev.) survived yesterday's election which gave the Republicans large gains in both chambers.
GOP Rep. Roy Blunt, on whose behalf CUNA's PAC spent $152,500 in independent expenditures, won an open U.S. Senate seat in Missouri. CUNA's PAC also gave Blunt's campaign $10,000 and NAFCU's PAC gave it $1,000.
The Republicans will gain 55 seats in the House - recapturing the majority and bring down several key credit union supporters, according to an analysis released today by political scientist Larry Sabato.