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Daily Dashboard | Credit Unions Renew Call for Data Security Legislation Related reading: On the pitfalls of reputation economics

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The National Association of Federal Credit Unions (NAFCU) has repeated a call on Congress to enact federal standards to protect consumers and financial institutions, The Hill reports. In a letter to Congressional leadership, the group highlighted recent high-level breaches and asked, “How many more consumers will have to be affected before Congress will act?” Several lawmakers have introduced data security legislation, but to date, nothing has emerged as law. The NAFCU also said financial institutions must comply with federal data security standards, but “retailers and many other entities that handle sensitive personal financial data are not subject to these same standards, and they become victims of data breaches and data theft all too often.”
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