WASHINGTON — Credit Unions have once again traveled to Capitol Hill in an attempt to build a case for increased federal regulation of card data security, this time at a hearing before the Subcommittee on Finance and Tax of the House Small Business Committee.
Speaking on behalf of NAFCU, Chairman John Milazzo, CEO of the $332 million Campus Federal Credit Union, which is headquartered in Baton Rouge, Louisiana, told the subcommittee everyone has been hurt by the continuing waves of data breaches.
"Data breaches are a significant problem for consumers and businesses alike," Milazzo told the subcommittee. "The Federal Trade Commission estimates costs to be in the millions of dollars each year for new account losses. NAFCU believes the most efficient way to address the growing number of data breaches is to create a comprehensive regulatory system for those entities that currently have none."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
