The fighters for financial institutions: Independent Community Bankers of America
The fighters for retailers: Retail Industry Leaders Association, National Retail Federation, National Grocers Association, Merchant Advisory Group, National Association of Convenience Stores, Food Marketing Institute, & National Restaurant Association
Why did the kerfuffle start: Banks assert that they absorb the heaviest burden “following security breaches of payment card data.” The Independent Community Bankers Support:
- “the costs of data breaches should ultimately be borne by the breached party,
- all participants in the payments system—including merchants—should be subject to Gramm-Leach-Bliley Act–like data-security standards,
- a national data-security breach and notification standard should be implemented to replace the current patchwork of state laws,
- unnecessary barriers to effective threat-information sharing between law enforcement and the financial and retail sectors should be removed, and
- while community banks and other financial institutions continue to move to chip technology for debit and credit cards, these technologies alone may not have prevented the recent retailer breaches and do not protect against fraud in “card-not-present” transactions, such as online purchases.” ICBA Press Release
Retort from the Retailers:
- “Retailers bear more of the costs of breaches than banks. “
- “We need increased sharing of information between law enforcement and the business community, as well as between retailers and financial institutions. “
- ” Ignoring PIN technology leaves us all more vulnerable. “
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“The Gramm-Leach-Bliley Act is not a model for data security. ” Letter from the Retail Groups