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Clarification on Texas House Bill 2333 on Data Security
Wednesday, April 26, 2017 6:40 AM

The Texas Credit Union Association has been working with Rep. Gary Elkins (R-Houston) on HB 2333, the data security bill that will strengthen cybersecurity and protect credit unions from the financial losses they incur after retailers experience data breaches.

The bill would require that a business report a breach of its system to the attorney general no more than 24 hours after discovery of the breach and send notice to each financial institution that issued a credit or debit card affected by the breach "as soon as practicable."

A victim compensation fund would be created to pay claims to consumers who suffered a financial loss due to the breach and to reimburse financial institutions for costs associated with the breach. The businesses would be liable for a penalty of $50 for each credit and debit card compromised. The money from these fees would go into the crime victim compensation fund.

Cornerstone Credit Union League and Texas Credit Union Association support this bill. Read more about this bill here.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.