Data security breaches are a serious problem for both consumers and businesses. Credit union bear a significant burden as they incur steep losses in order to reestablish member safety after a data breach occurs - whether online or otherwise. We understand that data security is a big issue for credit unions and their members and that is why we are fighting for additional data security standards for merchants and retailers and have made it a keystone of our five-point plan for credit union regulatory relief.
Currently, credit union are subject to strong data security standards established by Congress and federal regulators. Unfortunately, merchants and retailers are not subject to the same federal requirements and many of them follow their own data security standards. However, the recent flood of data breaches prove that much more needs to be done to protect consumers' financial data.