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"Data privacy and data security legislation will remain a priority in the 116th Congress," wrote Senate Banking Committee Chairman Mike Crapo, R-Idaho. NAFCU – a leading advocate for national data security standards – continues to push for the adoption of data and cybersecurity standards for all entities that hold consumers' information.

Crapo, in a column published Monday, said he will pursue "legislative solutions that would give consumers more control over and enhance the protection of consumer financial data, and ensure consumers are notified of breaches in a timely and consistent manner."

NAFCU has long been active with lawmakers on this issue, and was the first group after the massive 2013 Target data breach to call for a legislative solution to reform the nation's data security system.

Recently, NAFCU has called on lawmakers to ensure a level playing field between fintechs and regulated financial institutions – from data security to consumer protection – and to require that credit bureaus be examined for compliance with Gramm-Leach-Bliley Act (GLBA).

The association has been engaged as Congress considers various legislative solutions, including one last year that would require data breach notifications for financial entities akin to what is in place for financial institutions under the GLBA, and a draft that would have held retailers and others accountable for breaches that occurred on their end.

NAFCU will continue to be a leading advocate for national data security standards.