WASHINGTON – NAFCU's lobbyists have been working in an informal coalition with bankers to pursue data security legislation favorable to them all.
Dan Berger, NAFCU senior vice president of government affairs, characterized the group consisting of NAFCU, America's Community Bankers, the Independent Community Bankers of America, Citigroup and maybe some others as a "loose-knit coalition." He pointed out that the group has in common the issues of reimbursement for when there is a breach and enforcement.
"We are doing whatever it takes to get a good data security bill for the entire financial services industry," Berger commented.
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NAFCU Associate Director of Legislative Affairs Debbie Kwon-Moore has represented NAFCU in the loose alliance. In fact, last week she gave a briefing sponsored by Representatives Tom Feeney (R-Fla.) and Greg Meeks (D-N.Y.) for Hill staffers on the groups' view of data security and was joined by two banking lobbyists, according to NAFCU.
"We're an equal opportunity trade group," ACB spokesperson Jim Eberle quipped. He added that the coalition has been working together over several months on the Hill.
CUNA has taken a pass on working with the group, CUNA Communications and Media Outreach Vice President Pat Keefe said, because of the acrimony between the banks and credit unions and because of the state's right implications given the coalition is working toward federal standards.
CUNA Vice President of Legislative Affairs Dean Sagar said there had been an effort to move the Financial Services Committee's version to the House floor but the Energy and Commerce Committee chairman objected. He said it looks like the Financial Services and Commerce Committee bills could be combined. Financial Services Committee bill, the Financial Data Protection Act of 2005 (H.R. 3997), gives consumer reporters "an affirmative obligation" to protect the information against unauthorized use "reasonably likely" to bring "harm or inconvenience" to the consumer, according to the bill summary. The Data Accountability and Trust Act (H.R. 4127) from the Energy and Commerce bill would give enforcement authority to the Federal Trade Commission in conjunction with the states' attorneys general. [email protected]
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