March 6, 2014 – Lawmakers in a House Financial Services subcommittee hearing Wednesday reiterated their concerns about increased data breaches and pressed anew on the need for national data security and breach notification requirements.
Figuring large in the background was news of the resignation of the chief information officer at Target Corporation, whose data breach over the holiday shopping period affected credit card account data of 40 million consumers and the personal information of as many as 70 million more.
Wednesday’s hearing was held by the House Financial Institutions Subcommittee on Financial Institutions and Consumer Credit, chaired by panel Chairman Shelley Moore Capito, R-W.Va.
Capito read a letter submitted by NAFCU into the hearing record. That letter reiterated NAFCU’s call for action on national data protection standards for merchants similar to those required of credit unions and other financial institutions under the Gramm-Leach-Bliley Act.
Also during the hearing:
The National Retail Federation didn’t have a witness at Wednesday’s hearing, but it did submit a statement for the record and is blanketing Capitol Hill area publications with ads touting new card technology over national standards. NAFCU responded.