‘New Scheme’ on Data Security Could Bring More Red Tape for Small Businesses

From: National Retail Federation

J. Craig Shearman

NRF is telling Washington that a proposal to apply bank-style regulations to small businesses in an attempt to improve credit and debit card data security is the wrong approach.

“Everything about the Neugebauer-Carney plan is wrong,” NRF Senior Vice President for Government Relations David French said. “Banks have tough rules because a criminal hack could drain customer accounts in an instant and threaten the safety and soundness of the entire financial system. That’s appropriate for banks. But the small businesses Neugebauer and Carney want to regulate simply don’t pose the same kind of risk.”

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