WASHINGTON - (06/01/06) -- CUNA said Wednesday is working withlawmakers to have enacted into a law a key data security provisionthat would require all retailers and other users of credit cardtransactions to destroy account numbers and other personalinformation immediately after use. The provision, supported bycredit union insurer CUNA Mutual Group, would require retailers todestroy the personal data after they receive confirmation of atransaction, according to CUNA lobbyist Dean Sagar, who isdiscussing the provision with congressional members in an effort toget it included in pending data security legislation. Therequirement is currently part of the Payment Card Industry standardenacted by MasterCard and Visa, the two biggest players in thepayments industry. But it has been found to be widely ignored byretailers. CUNA Mutual has focused on the requirement as one of themost effective ways to prevent the theft of credit card data bythird parties. "This is one of the few pre-emptive things thatanybody is talking about," Sagar told The Credit Union Journal."There's no reason for any of that information to be retained afterthe transaction is complete."
-
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
2h ago -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
2h ago -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
3h ago -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
3h ago -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
6h ago -
In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
6h ago