ICBA is scheduled to testify at today’s House Financial Services Subcommittee on Consumer Protection and Financial Institutions hearing on cyber and data security.
Hearing: Jeff Newgard, president and CEO of Bank of Idaho in Idaho Falls, will call on Congress to:
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Extend Gramm-Leach-Bliley Act data security standards to all participants in the payments system.
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Ensure regulation of core processors, fintech companies, and other third-party providers.
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Subject credit reporting agencies to appropriate oversight.
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Institute a national data security breach and notification standard.
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Require the costs of data breaches to be borne by the party that incurs the breach.