NAFCU ramps up call for data security action
Dec. 20, 2013 – NAFCU President and CEO Dan Berger, pointing to a Target Corp. data breach reported Thursday that affects some 40 million card holders, urged House and Senate leaders anew to pass bills to require merchants to adopt minimum data security standards and be accountable for breaches.
“NAFCU urges Congress to make the issue of data security a priority in 2014, including convening hearings on the data protection standards of merchants and what can be done to strengthen them,” Berger wrote. “Furthermore, we recommend Congress take action to enact provisions to protect consumers from breaches that compromise their financial and personally identifiable information. Data security is a common-sense bipartisan issue that must be addressed.”
The Wall Street Journal and news outlets nationwide reported on the Target breach, noting that the company confirmed nearly 40 million credit card and debit card accounts were compromised between Nov. 27 and Dec. 15. The reports said data affected in the breach includes customer names, credit and debit card numbers, expiration dates, and CVV security codes.
Passage of data-security requirements for merchants is a key element of NAFCU’s five-point plan for credit union regulatory relief. Berger’s letters went to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., and House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., and were copied to all members of Congress.
NAFCU members are encouraged to contact the association's regulatory affairs team if they experience any regulatory issues related to the Targat data breach.
Letter to House
Letter to Senate
Contact NAFCU's regulatory affairs team