DALLAS - An effort to pass data security legislation in Texas died when the 2007 legislative session ended-which is especially problematic in a state whose lawmakers meet every other year. Buddy Gill, chief advocacy officer for the Texas CU League, said this is a "really big, big, big issue," noting a small credit union's entire year could be wrecked if it takes a $20,000 hit from reissuing breached credit cards.
"It is complicated because retailers and the card industry accuse each other of being the problem," he said. "Credit unions and banks contract with card companies, retailers contract with card companies, card companies are caught in the middle, and credit unions and banks eat fraud losses.
"Credit unions have a big stake in this fight, both money and reputation, because members blame the credit union when they hear their card is compromised," he added.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
