The National Association of Federal Credit Unions (NAFCU) is proposing to hold merchants accountable for data security breaches. The banking group recommends Congress create national standards for retailers and processors to uphold when they collect and process payment card data. The legislation would create uniform security practices for the protection of all financial information. The NAFCU has been actively working to gain support for this issue.
Fred Becker Jr., President & CEO of the NAFCU, described in a recent letter to Congressional leaders the organization's Five-Point Plan for Regulatory Relief. He notes:
"Our nation's credit unions are struggling under an ever-increasing regulatory burden that must be immediately addressed. A survey of NAFCU members late last year found that 94% have seen their regulatory burden increase....Credit unions, many of which have very small compliance departments, and in some cases only one compliance officer, must comply with the same rules and regulations as our nation's largest financial institutions that employ armies of lawyers."
The 5 points outlined in the plan include the following:
- Administrative Improvements to the National Credit Union Administration (NCUA)
- Capital Reforms
- Structural Improvements
- Operational Improvements
- Data Security Reforms
For more information on the NAFCU's Five-Point Plan for Regulatory Relief click here.
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