OLYMPIA, Wash. – The Washington Credit Union League is charging this state’s bankers are more interested in commercial customers than the everyday working person.
“Washington’s bankers have seemingly set their priorities for the short 2008 legislative session: retail and business customers are worth more to protect than ordinary people,” the league said after learning the state’s banking lobby was working to kill a bill under consideration that provides incentives to proactively protect consumers from financial fraud and identity theft before those crimes can occur.
“This is a real David vs. Goliath story,” said Washington Credit Union League (WCUL) President John Annaloro. “Credit unions spent over a million dollars in 2007 protecting Washington consumers following the massive breach of credit card data by TJX. The crux of the state’s credit unions’ disagreement with bankers on this issue is whether data breachers like TJX should be held financially accountable for the costs that result from their negligence. Consumer identity theft must be stopped.”
The WCUL said the list of opponents to the bill has grown over the past few weeks and now includes retailers, restaurants, grocers, the National Federation of Independent Business, and the Washington Bankers Association.
