Last week's joint letter outlines three goals of legislation: In November, the association testified before a House subcommittee and provided ways to curb data breaches. NAFCU was the first financial trade group to call for a national data security standard for retailers in the wake of the 2013 Target breach. Our members provide relief to victims of breaches, regardless of where the breach occurs." "Data breaches impose significant costs on financial institutions of all sizes because our first priority is to protect consumers and ensure that they have no liability for fraud that typically follows a breach. "Stopping breaches is critical for consumers, and also important to our members who often have the closest relationships with those affected," the trades wrote. Walden is the chairman of the Energy and Commerce Committee, and Latta is the chairman of the Subcommittee on Digital Commerce and Consumer Protection. Greg Walden, R-Ore., and Bob Latta, R-Ohio, on data breach legislation. The groups were responding to a request for comments from Reps. In a joint letter, the trade groups call for a strong national data security standard and breach notification requirements. NAFCU last week joined with six other financial industry trades in suggesting legislative fixes to address the recent trend of data breaches affecting companies, financial institutions and consumers.
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