MCUL & Affiliates is partnering with CUNA on its Action Alert on Senate Bill 961, the Data Security Act.
Nationally, credit unions experienced estimated losses of $57.4 million from the Home Depot breach and $30.6 million from the Target breach. Michigan credit union losses from Target and Home Depot exceed an estimated $4.3 million. Credit unions continue to receive notifications of card breaches at merchants across the state as well as additional waves of compromised cards from the Home Depot and Target breaches.
CUNA News Now reported Senate Bill 961 would strengthen merchant data security standards to be comparable with those of credit unions and mandate a federal notification requirement for merchants when they occur.
Michigan credit unions are encouraged to join MCUL in reaching out to Michigan Sens. Debbie Stabenow and Gary Peters to urge their support of Senate Bill 961.
MCUL recently joined CUNA as a plaintiff in a lawsuit against Home Depot for its September 2014 data breach. Click here to read the Monitor story.