Newsroom

January 05, 2018

NAFCU joins multi-industry call for national data security standard

NAFCU, along with trades representing the financial services, telecom and retail industries, wrote the leaders of the House Energy and Commerce Committee last week expressing support for federal data security legislation that would protect consumers' personal information.

The groups asked that any data security legislation include:

  • a "flexible, scalable standard for data protection" that considers an organization's size and complexity, the cost of tools to secure consumers' data and the level of sensitivity of the data being held;
  • the timely notification to affected consumers, law enforcement and regulators in the event of a data breach;
  • consistent enforcement of the new national standard by the Federal Trade Commission and state Attorneys General, other than those entities already accountable to the Gramm-Leach-Bliley Act – such as credit unions; and
  • more clarity in existing state laws.

The letter was signed by 22 total trade associations counting NAFCU; other signers included the Retail Industry Leaders Association, USTelecom and National Business Coalition on E-Commerce & Privacy.