ICBA Calls for More Effective Data-Security Laws
ICBA and the National Association of Federal Credit Unions called on Congress to pass legislation to secure consumer financial data following recent credit and debit card data breaches at Target, Neiman Marcus and other retailers. Community banks and credit unions agree that renewed focus has to be placed on properly addressing retail store breaches and increased standards for retailers.
In a joint letter to members of Congress, ICBA and NAFCU advocated legislation to:
- apply Gramm-Leach-Bliley Act–like standards to all entities that store consumer financial data,
- ensure that the party at fault for a breach is liable for all losses, and
- create a single national standard to replace the patchwork of state data-security laws.
Separately, ICBA also thanked senators for reintroducing ICBA-advocated legislation that recognizes the rigorous data security protocols that already apply to community banks. The Data Security Act of 2014, sponsored by Sens. Thomas Carper (D-Del.) and Roy Blunt (R-Mo.), would allow Gramm-Leach-Bliley Act consumer protections to serve as a safe harbor from additional regulation.
For information on various ICBA data security resources, visit www.icba.org/publications/breachtoolkit.
On Simplified Mortgage Regulations
“Community banks need a solution that will provide for more clarity and simplicity on qualified mortgage designations without tortuous analysis.”
—Jack Hartings, ICBA vice chairman, and president and CEO of The Peoples Bank Co. in Coldwater, Ohio, testifying before Congress
On Card Data Breaches
“Retailers and their processors—not banks—are responsible for the systems in their stores that process payment cards. ICBA hopes that the massive retail security breaches at Target, Neiman Marcus and others will spur retailers to adopt security solutions going forward.”
—Camden Fine, ICBA president and CEO