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Jan. 28, 2014 – NAFCU-sought congressional hearings are being slated amid news of a possible data breach at Michaels Stores Inc. and ongoing efforts by NAFCU to win action on national data security standards for merchants and retailers.

The news about Michaels comes as NAFCU's call for increased data security standards for retailers continues in the wake of the massive Target Corporation breach, which affected up to 110 million consumers. "This isn't the first time Michaels has had this problem. Its debit card terminals were also compromised in 2011," said NAFCU Vice President of Legislative Affairs Brad Thaler. "This is more proof that retailers need federal standards; they aren't doing enough on their own."

By press time, two hearings had been scheduled: one Feb. 3 on data security, by the Senate Banking Committee Subcommittee on National Security and International Trade and Finance; and another Feb. 4 on cybercrime and preventing data breaches, by the Senate Judiciary Committee. The latter will include testimony from Target, Consumers Union, the Federal Trade Commission, Secret Service and Justice Department. NAFCU will submit statements for both.

NAFCU was the first financial trade association to call on Congress for hearings and legislation on national data security standards for retailers in the wake of the Target breach.