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Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, yesterday asked Treasury Secretary Jack Lew, NCUA Board Chairman Debbie Matz and banking regulators how they are addressing cybersecurity issues affecting the financial system.

In their letter, Johnson and Crapo noted the ongoing rise in cyberattacks and data breaches. They wrote that recent breaches show "no company is immune from the risk of cyberattack." They said regulators must ensure financial institutions have appropriate safeguards in place to protect consumers' data.

The senators asked what role each agency or department is playing to fully protect the financial system from attacks. They also sought:

• information regarding each regulator's process for acquiring information on potential or occurring cyberattacks;
• what level of coordination and interaction the departments and agencies have with each other and with law enforcement;
• what role the Financial Stability Oversight Council plays; and
• a description and update on a Federal Financial Institutions Examination Council-led effort to help smaller institutions address cybersecurity gaps.

President Barack Obama, during an event held at CFPB and attended by NAFCU President and CEO Dan Berger, on Friday also called for the deployment of chip-and-PIN security for credit and other payment cards and urged Congress to "act with urgency" on data breach legislation.

Berger also discussed data security and other issues Tuesday with senior White House staff, Treasury and other federal agency representatives.