MD|DC CUA Advocates for Data Breach Accountability Standards at State Commission Hearing

MD|DC Credit Union Association CEO John Bratsakis and APGFCU VP of Compliance/Chief Compliance Officer Lisa Martin, testified before the Maryland Consumer Financial Protection Commission on Wednesday.

SMALL Consumer Fin Protection Hearing Sept 12 2018They presented statistical and anecdotal information on the impact of data breaches on consumers and credit unions and urged Commission members to consider holding all members of the marketplace accountable to the same security standards. Credit unions and other financial institutions already comply with strict security standards under the Gramm-Leach-Bliley Act.

On the federal level, House Bill 6743 was introduced in Congress last week and would create a national data breach notification requirement for financial institutions. The credit union system considers this a step in the right direction, but would like to see data breach requirements for everyone who handles sensitive consumer information.