Sens. Tom Carper (D-Del) and Roy Blunt (R-Mo.) have introduced the CUNA and NAFCU backed Data Security and Breach Notification Act of 2015.

"NAFCU welcomes this legislation to tackle the data security issue from a financial institution perspective," Brad Thaler, NAFCU's vice president of legislative affairs, said. "We appreciate this bipartisan move by Senators Blunt and Carper to create a national standard of data protection for retailers. We urge the Senate to support this reform effort to make consumers safer and provide regulatory relief to financial institutions."

The bill protects the ability for consumers and financial institutions to sue retailers over the financial damages related to a data breach. The legislation also recognizes that credit unions are already subject to the Gramm-Leach-Bliley Act.