“Data security impacts every sector of the economy,” the organizations wrote in a letter to Rep. Greg Walden (R-OR), chair of the House Energy and Commerce Committee. “We, therefore, look forward to working with you and your colleagues to ensure that all sectors employ sound data security and alert consumers when a breach may result in identity theft or other financial harm.”
Specifically, the organizations called upon Congress to enact legislation that creates a flexible, scalable standard for data protection, enforced by the Federal Trade Commission (FTC) and state Attorneys General. The letter was signed by 22 organizations including FSR, American Bankers Association, Consumer Bankers Association, Credit Union National Administration, Independent Community Bankers of America, and the National Association of Federally-Insured Credit Unions.
“Consumers’ private information is extremely important to them and Congress must act to better protect them,” Jason Kratovil, vice president of government affairs for payments at FSR, said. “For the first time in over a decade, the banking, payment, retail, telecommunication and technology industries have come together to call on Congress to enact national data security legislation. Congress should harness this momentum and quickly deliver a bill to the president’s desk.”