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The ramifications of retailer and merchant data breaches on credit unions and their members have been "monumental," NAFCU's Brad Thaler said in urging House Financial Services Committee leaders Wednesday to support passage of a national data security standard like that provided in the "Data Security Act."

Thaler, NAFCU's vice president of legislative affairs, told lawmakers ahead of today's data security hearing that a February survey of NAFCU members showed credit unions incurred average costs of $226,000 each due to merchant data breaches in 2014. "Of their losses, respondents expect to recoup less than 0.5%, which amounts to less than $100 on average," Thaler said in the letter to committee Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif. "Despite the claims of some trade groups, the fact remains that our members are not recovering anything close to what they are spending to make their members whole after a merchant breach."

Today's hearing, "Protecting Consumers: Financial Data Security in the Age of Computer Hackers," is slated for 10 a.m. Eastern.

NAFCU, along with the American Bankers Association, Consumer Bankers Association, CUNA, Independent Community Bankers of America and The Clearing House, on Wednesday also signed onto a statement for today's hearing outlining what should be done to improve data security.

NAFCU continues to push for a national data security standard for retailers. Association President and CEO Dan Berger recently urged member credit unions to reach out to their lawmakers and seek their support and cosponsorship of H.R. 2205 and S. 961, both titled the "Data Security Act of 2015." The legislation would set national standards for merchant data security and lead to enhanced member data protections while recognizing financial institutions' compliance with the Gramm-Leach-Bliley Act.

To further encourage passage of the "Data Security Act," NAFCU is running an ad in National Journal's CongressDaily this week and next. The ad highlights the recurrence of retailer data breaches and how breaches affect consumers.

In related news, a new report from Juniper Research said the cost of data breaches will reach $2.1 trillion globally by 2019. Other key findings from the study found that nearly 60 percent of anticipated data breaches worldwide in 2015 will occur in America.