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NAFCU's Vice President of Legislative Affairs Brad Thaler expressed support yesterday for a new draft data security bill addressing data protection standards, outlining a process for notifications and recognizing financial institutions' compliance with the Gramm-Leach-Bliley Act.

The bill was announced earlier yesterday by House Financial Services Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer, R-Texas, who said he plans to introduce the legislation with fellow House Financial Services Committee member John Carney, D-Del, in the coming days.

Thaler wrote to both to express the association's support for this effort.

The Neugebauer-Carney bill would set a national data security standard for merchants, as sought by NAFCU. It also closely aligns with NAFCU-supported legislation introduced a couple weeks ago by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo.

NAFCU has been pushing for the passage of a data security bill that would create a strong national standard of protection for retailers, recognize credit unions' compliance with the Gramm-Leach-Bliley Act and hold retailers accountable for breaches occurring on their end.