Credit union data protection efforts shared with Congress
Published by: Jared Weiser
February 21, 2024 | Government Affairs
Financial fraud is everywhere; account takeovers, elder scams, counterfeit checks, and stolen credit cards are just a few examples. The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a committee hearing addressing this issue entitled “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” In response to the hearing, the League sent a letter to Chairman Sherrod Brown (D-OH) highlighting the extraordinary steps credit unions take to protect their members from scammers. We shared how peer-to-peer (P2P) payment platforms can be a balancing act for credit unions as consumers continue to demand quicker payment options. Interactions with nonbank payment platforms can complicate error resolution, strain compliance resources, and increase fraud exposure for credit unions.
The League will continue sharing with lawmakers how financial fraud must be addressed with a coordinated effort from local, state, and federal government and law enforcement partners.
