MCUL, CUNA Fighting for More Oversight of Retailers in Wake of Data Breach
MCUL & Affiliates and CUNA are taking action on a variety of levels to help in the wake of data breaches at Target and other retailers.
MCUL CEO David Adams wrote a letter to CFPB Director Richard Cordray saying that the agency should consider regulating retailers because the breaches have caused substantial injury to consumers.
Click here to read the full letter.
The league also sent letters to each member of the Michigan congressional delegation saying that the data breaches illustrate how Congress’ decision to reduce interchange fees has left financial institutions, including credit unions, “holding the bag.” Click here to read the letter.
MCUL also conducted a survey of credit unions which garnered responses from 84 credit unions. More than 94 percent of respondents said that they had members who were affected by the breach. A full story on the survey can be found elsewhere in this issue of Monitor.
CUNA also has a variety of resources available to credit unions affected by the breach.
- CUNA has written several Letters to Congress regarding the data breach.
- A Roll Call article notes that retailers are pushing back on legislation that would require additional regulatory scrutiny of merchants.
- Summaries of Senate Banking Committee hearings, which CUNA called on Congress to hold.
- Follow-up letters after the Senate Banking Committee hearing and other congressional hearings
- CUNA statements regarding the data breach: (1) all participants in the payments system should be held to comparable levels of data security; (2) those who are responsible for a breach should be responsible for the costs incurred by others as a result of the breach; and (3) consumers should know where their information was breached.
- CUNA’s joint trade association letter on Wednesday in support of H.R. 3696, the National Cybersecurity and Critical Infrastructure Protection Act.
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. Bryan Laviolette is the editor of Monitor. Contact him by email
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