Trade Associations Call for National Data Breach Standard

As the House Financial Services Committee today held a hearing on data security, the American Bankers Association and six financial trade associations wrote to lawmakers calling for a national data security and breach notification standard. In a letter to Reps. Blaine Luetkemeyer (R-Mo.) and Lacy Clay (D-Mo.), the groups called for a standard that would require all entities handling sensitive personal and financial data to have robust protections in place and to notify consumers in a timely manner in the event of a breach. They added that such a standard would help eliminate current inconsistencies between a patchwork of state and federal laws.

“Our existing payments system serves hundreds of millions of consumers, retailers, financial institutions and the economy well,” the groups wrote. “Protecting this system is a shared responsibility of all parties involved and we must work together and invest the necessary resources to combat increasingly sophisticated threats to the payments system.”


About Author

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for editorial strategy at the American Bankers Association, where she oversees ABA Daily Newsbytes.