SACRAMENTO - A credit union-backed data security bill is sitting on California Gov. Arnold Schwarzenegger's desk awaiting his signature-but don't expect similar legislation to make its way to a U.S. president's pen any time soon.
That is the conclusion of several state and national lobbyists at credit union leagues and trade associations, despite a disturbing number of data breaches that have seen consumers' information exposed and financial institutions left cleaning up the mess when it comes to notification and reissuing plastic cards.
Part of the problem, insiders said, is typical political wrangling in Washington as various committees debate as to which one holds jurisdiction over the issue of data security. Meanwhile, CU leagues in several states have taken the lead in sponsoring or supporting legislation that would hold merchants accountable for protecting consumer information and, if the merchants are found to be at fault, share in the cost.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
