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Data Breaches Adversely Affect CUs, Chocolate Bayou Community FCU CEO Tells Lawmakers
Monday, March 31, 2014 6:50 AM

The Texas House Committee on Business and Industry met March 27, and one of the main topics of discussion was data security breaches. As a key representative of the financial institution industry in Texas, the committee invited the Texas Credit Union Association to testify at the hearing. Gary Davis, president of Chocolate Bayou Community FCU in Alvin, Texas, testified about how data breaches affect credit unions, including reissuance costs, fraud losses, and erosion of the public trust; and he requested that legislation be passed to greater protect the citizens of Texas.

Davis stated that next year, the EMV chip card technology will be rolled out, and new cards will need to be reissued at between $4 and $9 per card. Chairman Oliveira asked whether or not this charge would be passed on to consumers, and Davis replied that they would not.

Leaders of state agencies, bankers, credit card processors, retailers’ associations, and others testified to the committee, and many expressed their views and concerns about data security and what they are doing to address the problem.