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WASHINGTON — Financial institution trade associations told the President’s Identity Theft Task Force that their members are regulated enough and that merchants and processors require greater accountability.

CUNA Senior Assistant General Counsel Jeff Bloch explained that CUNA has been “very proactive” in educating its members as well as communicating with the federal government on identity theft. “CUNA believes that one significant means in which to address the problem of identity theft is to focus on the underlying problem of data security vulnerabilities,” he wrote. “These vulnerabilities have resulted in a rapidly growing number of security breaches that have occurred in recent years, which can often lead to identity theft. We urge the federal government to work more closely with card issuers, financial institutions and consumers to focus on the security breach problem.” Bloch suggested a summit to bring stakeholders together and share ideas and recommendations for safeguarding data.

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