A Proposed Bill for Your Benefit - Take Action Now!
A new bill in the U.S. Senate would strengthen merchant data security and mandate a federal notification by merchants when breaches occur. The New York Credit Union Association and CUNA are strongly urging credit union advocates to contact lawmakers now and voice support for the Data Security Act of 2015 (S.961).
Merchants are not subject to the same federal data protection standards as financial institutions, such as credit unions. This means that some merchants fail to invest sufficiently in data security measures. When a data breach occurs, the merchants who failed to protect consumers are not required to pay the costs to send individuals their new cards and generally pay none of the fraudulent charges an individual may have on their cards or accounts. In fact, when merchants are responsible for the breach, they are rarely required to pay ANY costs incurred by others. Who is stuck paying these costs for data breaches? Your credit union, which means, ultimately, members like you. Credit unions spent more than $90 million in the wake of the Target and Home Depot data breaches. It is estimated that more than 1,500 data breaches occurred in 2014, exposing more than 1 billion data records.
The bill would provide a floor for data security standards nationwide and take into account the rigorous standards financial institutions are already subject to under the Gramm-Leach Bliley Act. The bill would exclude credit unions and other financial institutions from the requirements.
Why Is Political Action Important?
Leaders at the city, state, and federal levels aren’t always aware of how a proposed law or piece of legislation may affect Credit Unions and members. With your participation we can ensure that lawmakers are aware when they’re deciding how to vote.
How Can I Get Involved?
Check this page on a regular basis. Contact a member of Congress when we notify you. Usually actions take no more than 2 to 3 minutes but the benefits to you and 92 million Credit Union members across the nation are enormous.
It’s About Credit Unions — Not Political Parties
Our concern is making sure that leaders on both sides of the aisle and in-between are aware of what policies are best for Credit Unions and their members.
What’s Happening Currently?
Visit CUNA’s GrassRoots Action Center to find out!
How Can I Stay Up-to-Date on Current Elections and Issues?
Visit CUNA’s Election Page to stay abreast of current issues, and to find out when and where we may need your help.