It's not uncommon for Wisconsin credit union Activists to be vocal advocates to protect the interests of the 3 million consumers using credit unions. On Wednesday, February 14, you can watch live as one Wisconsin credit union president amplifies that advocacy, testifying before Congress on data security.
Kim Sponem, (right), President & CEO of Summit Credit Union will testify in Washington, D.C. on behalf of the Credit Union National Association. She is the only witness from a financial institution scheduled to address the House Financial Services Subcommittee on Financial Institutions and Consumer Credit at a hearing entitled "Examining the Current Data Security and Breach Notification Regulatory Regime."
Wednesday, February 14 - 9 am (CST)
Livestream the testimony. A recording of the hearing is likely to be posted afterward.
You can also read Kim's written testimony in its entirety.
Credit unions have long advocated to hold merchants, and others who handle sensitive consumer information, accountable to the same standards credit unions and financial institutions adhere to under the Gramm-Leach Bliley Act. Wisconsin credit unions, through their League, have pursued data security legislation and litigation, including lawsuits against and Home Depot and Equifax.
The tremendous cost of data breaches - tied to blocking transactions, reissuing cards, increasing staff at call centers, monitoring member accounts and absorbing fraud-related losses - comes at the expense of all credit union members, who are equal owners of the member-owned cooperatives.
Contact Sarah Wainscott, VP of Government Affairs at (608) 514-0086.
Wisconsin credit unions come together as a single League to Unite for Good; we remove barriers, increase awareness and foster service excellence. All of these steps help more Americans to see credit unions as their best financial partner and regard their credit union as their primary financial institution. Read more articles in our Unite for Good series.