The Michigan Credit Union League has asked the Consumer Financial Protection Bureau to consider regulating retail firms that have been victims of card data breaches and also offer store branded credit or debit cards.

“Consumers would certainly benefit from the regulation of a retail industry that, at the moment, relies on largely self-policing standards that are inadequate to the point of consumer deception, as illustrated by the often retroactive enforcement and revocation of certification with their tenets,” MCUL CEO David Adams wrote to CFPB Director Richard Cordray in a Feb. 7 letter.

“MCUL believes that the Dodd-Frank Act's provisions regarding supervision of nonbank covered persons that engage in behavior that poses risks to consumers in this area provides clear authority for this supervision The Dodd-Frank Act defines a consumer financial product or service, and under 12 U.S.C. 5481(15)(A)(v), an example of such is 'selling, providing, or issuing stored value or payment instruments.' Target offers both store-branded credit and debit options, and the debit option draws from customer's existing checking accounts,” he said.