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Moving Top Legislative and Regulatory Issues Forward

National data security standards, overdrafts and greater CFPB transparency on guidance top NAFCU's list of 2016 priorities.

By B. Dan Berger | Updated on February 21, 2016
top credit union regulatory priorities in 2016 nafcu dan bergerLast year, we made notable progress on legislative and regulatory issues important to credit unions, but we don’t plan to rest on our laurels. NAFCU is working to further advance our 2016 top priorities. Here are three issues we are working on this year.

Establishing National Data Security Standards for Retailers

Last year, the Cybersecurity Information Sharing Act, a NAFCU-supported bill that would encourage faster sharing of cyber-threat information among the business and government sectors, was signed into law by President Obama as part of the year-end omnibus package. Recently, the president also introduced the Cybersecurity National Action Plan as part of his 2017 budget.

However, more needs to be done to protect consumers from cyberattacks. Despite Target’s huge data breach in December 2013 and the tidal wave of retail data breaches since, we still have no national data security standards for retailers. According to the Identity Theft Resource Center, the number of U.S. data breaches in 2015 totaled 781, the second-highest year on record since the group began tracking breaches in 2005.

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