WASHINGTON—NAFCU and several financial trade groups have sent a joint letter to the House urging members to cosponsor H.R. 2205, the “Data Security Act of 2015.”
“This bipartisan legislation introduced by Reps. Neugebauer and Carney will establish uniform national standards for consumers’ sensitive payment and personal information that are scalable and flexible to the size and risk profile of the covered entity,” the groups wrote.
The letter recognizes the need for Congress to address data security and how it is long overdue. “American consumers have had their financial and personal data exposed because of data breaches at well-known merchants,” the groups say and give examples of data breaches that occurred at Target, Neiman Marcus, Home Depot, Michaels, and T-Mobile.
Financial institutions are already required by the Gramm-Leach-Bliley Act (GLBA) to develop and maintain robust internal protections to combat and address network intrusions and data theft. Retailers, however, are not subject to requirements that are similar to GLBA, the groups stated.
“Because data security should be a shared responsibility by all participants in the payments ecosystem, we strongly urge you to cosponsor H.R. 2205,” the groups wrote.
In addition to NAFCU, the letter was signed by CUNA, the Electronic Payments Coalition, Independent Community Bankers of America, Consumer Bankers Association, and the American Bankers Association.