Credit Unions Meet with Aides to Sen. Tim Kaine

Credit Unions Meet with Aides to Sen. Tim Kaine

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A contingent of credit union advocates met Wednesday with aides to Sen. Tim Kaine. The credit union champions noted they appreciated the senator's support of regulatory relief measures (S. 2155) passed last year, but noted credit unions and small banks continue to face a tough and resource-draining battle with regulations meant to curb the excesses of megabanks and Wall Street. Data security was another key topic of conversation as credit unions continue to foot the bill for fraud and fraud prevention following breaches of merchants' data systems. 

We strongly support legislation that subjects merchants to the same stringent data security requirements placed on the financial services industry. We believe merchants should be subject to strong data breach notification requirements. We will work with policymakers to strengthen cyber infrastructure to protect consumer data.

Credit union representatives also noted that we continue to earn our tax status every day by serving our members and bettering our communities.

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