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October 27, 2017

Data security: NAFCU rep Schwartz testifies Wednesday

NAFCU witness Debra Schwartz, NAFCU Board treasurer and president and CEO of Mission Federal Credit Union (San Diego, Calif.), will give the credit union perspective on data security and the need for a national standard during a House Financial Services subcommittee hearing Wednesday.

Wednesday's hearing, "Data Security: Vulnerabilities and Opportunities for Improvement," held by the Subcommittee on Financial Institutions and Consumer Credit, is slated to begin at 2 p.m. Eastern.

NAFCU has been a leading advocate for a national data security standard that holds all entities that handle personal financial data to the same standards as credit unions and other depository institutions under the Gramm-Leach-Bliley Act. The association has repeatedly called for action to ensure that credit unions do not bear the cost of negligent data practices by any entity.

NAFCU is also involved with various cyber and data security initiatives, including the Financial Services-Information Sharing and Analysis Center (FS-ISAC) and the Federal Reserve's Payments Security Task Force.

Schwartz will discuss how the lack of a national data security standard has impacted her credit union. She will also outline NAFCU's key data security principles for the subcommittee, which include the association's view that payment of breach costs should be covered by the breached entity.