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The House Financial Services Committee on Wednesday will mark up data security legislation that fails to address one major credit union priority—it does not set a strict consumer data breach notification standard for retailers.

Financial institution trade groups, including NAFCU and CUNA have said that merchants should have a breach notification requirement that is as strict as the one that banks, and credit unions have.

The bill, sponsored by Rep. Blaine Luetkemeyer (R-Mo.), would preempt state data breach requirements for financial institutions and would make consumer notification easier.

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David Baumann


Credit Union Times

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