NAFCU Hails Reps. Neugebauer and Carney Introduction of Data Security Bill

 

FOR IMMEDIATE RELEASE

NAFCU Hails Reps. Neugebauer and Carney Introduction of Data Security Bill

Washington (May 1, 2015) - National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler today hailed the introduction by Reps. Randy Neugebauer, R-Texas, and John Carney, D-Del., of the Data Security Act of 2015 (H.R. 2205), a bill that would bring retailers under a national standard similar to the Gramm-Leach-Bliley Act (GLBA) requirements for financial institutions — a measure NAFCU has long sought.

NAFCU appreciates the bipartisan leadership shown by Representatives Neugebauer and Carney in proposing a national standard of data protection for all industries that handle sensitive information based on the strong federal safekeeping standards in the GLBA — that financial institutions, including credit unions, must adhere to,” said Thaler. “We are also pleased that this legislation would recognize that it is not productive to duplicate data protection and consumer notice requirements that are already in place for credit unions under the GLBA. We urge the House to support this reform effort to make consumers safer and provide regulatory relief to financial institutions.”

NAFCU was the first financial trade organization to call for national data security standards for retailers, and it continues to push for legislative action on Capitol Hill. NAFCU is a member of the Payments Security Task Force, a diverse group of participants in the payments industry that is driving a discussion on payments system security. NAFCU is also a member of the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center, which work on infrastructure cybersecurity.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org