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Jan. 2, 2014 – Senate Banking Committee members Sens. Robert Menendez, D-N.J., and Mark Warner, D-Va., have called on the committee's leadership to hold hearings on the safety of consumers' financial data in light of the Target Corporation breach.

In a letter Monday to Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, Menendez and Warner wrote, "We believe it would be valuable for the Committee to examine whether market participants are taking all appropriate actions to safeguard consumer data and protect against fraud, identity theft, and other harmful consequences, and whether we need stronger industry-wide cybersecurity standards."

Sens. Richard Blumenthal, D-Conn., Patrick Leahy, D-Vt., Charles Schumer, D-N.Y., and Menendez have already issued calls for Federal Trade Commission and CFPB investigations into the compromising of consumer data at Target. Also, some lawmakers have suggested legislative fixes may be necessary.

NAFCU believes merchants should bear responsibility for data breaches originating on their end. The association is pushing for safeguards to protect credit unions and their 96 million members. NAFCU was the first financial services trade group to call on Congress to hold merchants responsible for data security breaches. Association President and CEO Dan Berger wrote the leaders of the House of Representatives and the Senate on Dec. 19.

Passage of data security requirements for merchants is a key element of NAFCU's five-point plan for credit union regulatory relief.

The Senate is out of session until Jan. 6.