Two members of the House Financial Services Committee—one Republican and one Democrat—are circulating draft legislation that would set a national data security standard and require prompt notification when a data breach occurs.

House Financial Institutions Subcommittee Chairman Blaine Luetkemeyer (R-Mo.) and Rep. Carolyn Maloney (D-N.Y). are circulating a discussion draft of legislation. 

Credit union trade groups have been pushing for this type of legislation. They say that merchants should be held to the same standards they are and should pay the costs of data breaches.

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