Washington, D.C. (Nov. 3, 2021) — The Independent Community Bankers of America (ICBA) today called on Congress to extend Gramm-Leach-Bliley Act data security standards to retailers, technology companies, and other parties that process or store consumer financial data.
Testifying before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, Bank of Idaho President and CEO Jeff Newgard said extending the banking industry’s strict security standards to all participants in the payments system will help prevent security breaches.
“Securing data at financial institutions is of limited value if it remains exposed at the point-of-sale and other processing points,” said Newgard, whose $700 million-asset community bank is headquartered in Idaho Falls. “To effectively secure customer data, all participants in the payments system, and all entities with access to customer financial information, should be subject to and maintain well-recognized standards such as those created by GLBA.”
Newgard, who chairs ICBA’s Cyber and Data Security Committee, also called on policymakers to:
Newgard also weighed in on the following bills:
For more information, visit icba.org.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.