March 24, 2014

Hearings eye data security, financial products

March 25, 2014 – NAFCU lobbyists will be on the Hill Wednesday monitoring two Senate hearings on data security and one Senate subcommittee hearing on the use of alternative financial products.

Both the Senate Committee on Commerce, Science and Transportation and the Committee on Homeland Security and Governmental Affairs will be looking at cybersecurity risks:

  • The hearing, "Strengthening Public-Private Partnerships to Reduce Cyber Risks to Our National's Critical Infrastructure," held by the Homeland Security Committee, will feature testimony from witnesses representing the Department of Homeland Security, the Department of Commerce, the Government Accountability Office and the Department of Technology and Information, among others.
  • "Protecting Personal Consumer Information from Cyber Attacks and Data Breaches," held by the Senate Commerce Committee, will focus on the impact on consumers of massive data security breaches such as the recent attacks on Target Corporation and Neiman Marcus. The committee will also discuss bills that would establish federal data security standards.

NAFCU was the first financial services trade organization to push for national standards for retailers following the Target breach, and it continues to press Congress for a response as the news of significant data breaches affecting consumers continues to emerge.

The Senate Banking Subcommittee on Financial Institutions and Consumer Protection will hold a hearing tomorrow titled, "Are Alternative Financial Products Serving Consumers?" Witnesses include representatives from The Pew Charitable Trusts and Neighborhood Housing Services of Greater Cleveland, among others.