A Proposed Bill for Your Benefit – Take Action Now!
A new bill in the U.S. Senate would strengthen merchant data security and mandate a federal notification by merchants when breaches occur. The New York Credit Union Association and CUNA are strongly urging credit union advocates to contact lawmakers now and voice support for the Data Security Act of 2015 (S.961).
Merchants are not subject to the same federal data protection standards as financial institutions, such as credit unions. This means that some merchants fail to invest sufficiently in data security measures. When a data breach occurs, the merchants who failed to protect consumers are not required to pay the costs to send individuals their new cards and generally pay none of the fraudulent charges an individual may have on their cards or accounts. In fact, when merchants are responsible for the breach, they are rarely required to pay ANY costs incurred by others. Who is stuck paying these costs for data breaches? Your credit union, which means ultimately members like you. Credit unions spent more than $90 million in the wake of the Target and Home Depot data breaches. It is estimated that more than 1,500 data breaches occurred in 2014, exposing more than 1 billion data records.
The bill would provide a floor for data security standards nationwide and take into account the rigorous standards financial institutions are already subject to under the Gramm-Leach Bliley Act. The bill would exclude credit unions and other financial institutions from the requirements.
As a member of ActorsFCU we hope you recognize the value ActorsFCU brings you and we ask that you take action and lend your voice to this cause.
Why Is Political Action Important to Me as a Credit Union Member?
Our leaders at the city, state, and federal levels aren’t always aware of how a proposed law or piece of legislation may affect Credit Unions and their members. With your participation we can ensure that our lawmakers are aware of our concerns and our preferences when they’re deciding which way to vote.
How Can I Get Involved?
Getting involved is easy. All members of ActorsFCU are encouraged to check this page on a regular basis. Sometimes we will ask members to make a phone call or send an email to a member of Congress to make sure they are aware of the needs of Credit Union members. In most cases your level of involvement will take no more than 2 to 3 minutes. However, the benefits to you and the 92 million Credit Union members across the nation are enormous.
It’s About Credit Unions — Not Political Parties
Personal political views are pushed aside when it comes to meeting with our leaders. Our concern is making sure that leaders on both sides of the aisle and in-between are aware of what policies are best for Credit Unions and their members.
We are not concerned with the political affiliation of those we contact. We are concerned only with making sure that city, state, and federal legislators are aware of the needs of Credit Union members.
What’s Happening Currently?
Visit CUNA’s GrassRoots Action Center to find out more!
What Can I Do To Stay Up-to-Date on Current Elections and Beyond?
We encourage you to visit CUNA’s Election Page to stay abreast of current issues, and to find out when and where we may need your help.