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With two hearings last week and more on the horizon, lawmakers are working to find legislative solutions to mitigate the consequences of data breaches, such as through a federal data privacy framework and consumer protections. NAFCU – a leading advocate for national data security standards – continues to engage lawmakers on the issue on credit unions' behalf and push for the adoption of data and cybersecurity standards for all entities that hold consumers' information.

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.

Last week, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association's call for a strong national data security standard, noting that "a major aspect of consumer privacy is ensuring the security of a consumer's financial data" to the Senate Commerce Committee and a House Energy and Commerce subcommittee.

Thaler also outlined guiding principles NAFCU and credit unions would like to see incorporated in data security legislation, primarily to ensure consumers are informed of what data is retained and how it's protected, timely disclosure of breaches, and that negligent entities are held responsible when a data breach occurs on their end.

In addition, NAFCU Regulatory Compliance Counsel Reggie Watson last week participated on a panel at a STEM4US! event highlighting cybersecurity and diversity in the financial services industry.

Both the House Financial Services Committee and Senate Banking Committee have identified data security legislation as a priority for the 116th Congress to ensure consumers are protected. Leaders on the Senate Banking Committee have invited feedback on the issue. NAFCU will continue to engage with lawmakers on this issue and work to ensure credit unions' principles are included in any data security solution.