WASHINGTON — Credit Unions have once again traveled to Capitol Hill in an attempt to build a case for increased federal regulation of card data security, this time at a hearing before the Subcommittee on Finance and Tax of the House Small Business Committee.
Speaking on behalf of NAFCU, Chairman John Milazzo, CEO of the $332 million Campus Federal Credit Union, which is headquartered in Baton Rouge, Louisiana, told the subcommittee everyone has been hurt by the continuing waves of data breaches.
"Data breaches are a significant problem for consumers and businesses alike," Milazzo told the subcommittee. "The Federal Trade Commission estimates costs to be in the millions of dollars each year for new account losses. NAFCU believes the most efficient way to address the growing number of data breaches is to create a comprehensive regulatory system for those entities that currently have none."
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