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WASHINGTON – Today, the National Association of Federally-Insured Credit Unions (NAFCU), along with six financial services trade groups, urged House Speaker Paul Ryan, R-Wis., and House Minority Leader Nancy Pelosi, D-Calif., to move forward with a national data security standard akin to one outlined in draft legislation put forth by Reps. Blaine Luetkemeyer, R-Mo., and Carolyn Maloney, D-N.Y.

The letter, signed by the American Bankers Association, Consumer Bankers Association, Credit Union National Association, Financial Services Roundtable, Independent Community Bankers of America, and The Clearing House, was also sent to all members of the House.

"[B]anks and credit unions have long been subject to regulatory mandates that set rigorous data protection and breach notification practices for financial institutions to follow. In fact, federal regulators describe these notification obligations as 'an affirmative duty' for which compliance is demanded, and are considered to be an element of fundamental Safety and Soundness for the overall banking system."

The groups explained that the draft legislation from Luetkemeyer and Maloney would "raise the bar so that all companies protect data similar to how banks and credit unions protect their data, and create a common-sense standard to ensure consumers receive timely notice when a breach does occur."

"Consumers are tired of having their information compromised, and they should be—the stakes are too high," the letter concluded. "The time for a national data security and notification standard is now, and the draft legislation set forth by Chairman Luetkemeyer and Congresswoman Maloney achieves that objective."

NAFCU has been a leader on data security issues in recent years. The association was the first financial trade group to call for a national data security standard for retailers in the wake of the 2013 Target breach. Last November, NAFCU witness Debra Schwartz, NAFCU Board treasurer and president and CEO of Mission Federal Credit Union (San Diego, Calif.), testified before a House Financial Services subcommittee, recommending ways to curb data breaches.

Earlier this month, NAFCU President and CEO Dan Berger met withHouse Financial Services Subcommittee Chairman Blaine Luetkemeyer, R-Mo., to discuss issues of importance to credit unions – including data security.

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.