Bratsakis Testifies at Hearing in Annapolis on Data Breaches

MD|DC Credit Union Association President/CEO John Bratsakis testified in support of provisions of a bill to strengthen notification and accountability standards when data breaches occur.

Bratsakis TestimonyCredit unions have been working on data breach legislation for 3 years with lawmakers, the Office of the Attorney General and other stakeholders. The Consumer Financial Protection Act of 2019 was heard by committees in both the House and the Senate on Wednesday. If the bill passes, Maryland would become the first in the nation to specifically allow financial institutions to recover costs related to a data breach.

“When businesses hit by data breaches pay nothing and do not face significant penalties, there is no incentive to safeguard sensitive information,” said MD|DC Credit Union Association President/CEO John Bratsakis. “What we often hear following a high-profile breach is that the situation was entirely preventable, yet there are very few consequences and little, if any, compensation when a breach occurs.”

The Association is encouraging participation in a grassroots effort to let state lawmakers know credit unions support this bill. Please visit: www.protectconsumerdata.com to let your voice be heard. To date, over 185 messages have been sent by credit unions to state lawmakers.