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A new NAFCU-backed bipartisan bill setting data protection standards, outlining a process for notifications and recognizing financial institutions' compliance with the Gramm-Leach-Bliley Act was introduced today by Reps. Randy Neugebauer, R-Texas, and John Carney, D-Del.

Both are members of the House Financial Services Committee, and Neugebauer is chairman of the Financial Institutions and Consumer Credit Subcommittee.

This bill, H.R. 2205, sets a national data security standard as sought by NAFCU. It also closely aligns with legislation introduced a few weeks ago by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo.

In a letter Wednesday to Neugebauer and Carney thanking them for addressing the issue of data security, NAFCU Vice President of Legislative Affairs Brad Thaler said the association supports their efforts and will continue to push for 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.