Credit Union National (CUNA) launched a National Action Alert on Data Breach. Your Tennessee Credit Union League strongly urges you to mobilize your employees, volunteers and members to raise awareness on Capitol Hill about these breaches and their adverse impact on credit unions and their members.
As you are well aware, merchant data breach is a chronic issue that costs credit unions millions of dollars each year. Large scale breaches like Target, Michaels, Home Depot, Neiman Marcus and Jimmy Johns get national attention, but small breaches at local stores also increase costs for credit unions. CUNA has been actively advocating changes to federal law to address this issue; they have engaged industry stakeholders in the financial services sector and the retail industry; they have helped credit unions identify law firms to help litigate class action suits; and they have pressed this issue in national and local media. But Congress has not moved and the situation has not improved for credit unions, which is why CUNA, along with State Leagues are taking steps to ratchet up our efforts even further.
With two major breaches in recent weeks and with Congress at home preparing for the upcoming elections, we believe it’s the right time to remind elected officials who pays the price for merchant data breaches. Let’s face it – the window of opportunity to capture Congress’ attention on these breaches is relatively short, and in the weeks prior to an election, elected officials are acutely aware of the concerns of their constituents. We have a rather unique opportunity to shape this debate going into the latter part of this year.
Even though the likelihood that Congress will enact data security legislation in the lame duck is very remote, it is important that they hear about the impact these breaches have on credit unions and their ability to serve their members. We know credit union executives and members are frustrated about these breaches. The fact is that Congress may never deal with this issue unless they hear the frustration of credit union members and the best way for us to do that is through grassroots action.
Credit Union Action Steps
- Visit StoptheDataBreaches.com and take action to contact your Members of Congress.
- Share this Action Alert with your members, again directing them to take action via www.StoptheDataBreaches.com campaign site.
- Make use of the various tools and resources in CUNA’s Credit Union Data Breach Toolkit to engage and activate your membership.
- Stay engaged with the campaign by following our Twitter handle@CUNAadvocacy and #StoptheBreaches, as well as the CUNA Advocacy Facebook page.
- Continue to stay abreast of new developments by checking the latest news at StoptheDataBreaches.com following the social media platforms above, and keeping in touch with your league.
It’s time to tell Congress we need to stop the data breaches and raise the impact they have on credit unions and our members.
Stop the Data Breaches Toolkit
CUNA and your League have launched a National Action Alert on Data Breach.
We strongly urge all credit unions to mobilize their employees and members to raise awareness on Capitol Hill about these breaches and their adverse impact on credit unions and our members. We need to tell Congress: Stop the Data Breaches!
- Video that provides an overview of the issue
- Overall talking points about the data breach issue
- Target Data Breach Survey Results – provides state figures
- Home Depot Survey Results – provides state figures
- Consumer data results about fraudulent card use ( PowerPoint format and PDF format)
- CUNA and CUNA Mutual have teamed up to compile a brief list of risk management practices to help credit unions and their members manage plastic card fraud
If you have not been to the website, please check out StoptheDataBreaches.com and take action to contact your Members of Congress.
We encourage you and your credit union to check back frequently for more details.