January 31, 2014

New data security bill in Senate

Jan. 31, 2014 – NAFCU is engaged with Sen. Jay Rockefeller, D-W.Va., and his colleagues and staff on a new data security bill announced Thursday addressing data security standards and notification.

Rockefeller, who chairs the Senate Commerce Committee, is introducing the bill with Democrats Mark Pryor of Arkansas, Bill Nelson of Florida and Dianne Feinstein of California. The measure was unveiled Thursday amid ongoing concerns about the Target Corporation data breach, which affects tens of millions of credit and debit card holders.

NAFCU was the first financial institution trade to call on lawmakers for hearings and legislation on national data security standards for retailers in the wake of the Target breach. Earlier this week, the association and the Independent Community Bankers of America jointly wrote both the House and Senate urging action. Meanwhile, two additional hearings have been slated on this issue in the week ahead.

Legislation addressing NAFCU's concerns about merchants' data security has also been introduced by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo., to expand breach notification requirements to all U.S. businesses without imposing new requirements on financial institutions.