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Both FDIC and the Office of the Comptroller of the Currency noted the need to "level the playing field" during a Senate Banking Committee hearing Tuesday regarding cybersecurity, and said nonbanking institutions should be held just as accountable as banking institutions when it comes to securing consumers' data.

Sen. Joe Manchin, D-W.Va., said there was a need to reform cybersecurity standards. He noted the cost of data breaches to community banks in his state, which range from $11-$12 dollars per card for replacing consumers' debit and credit cards in the event of a retailer data breach.

Federal Reserve Governor Daniel Tarullo said as regulators they feel they have one hand tied behind their back because they can only control and monitor what financial institutions are doing regarding cyber security efforts. Comptroller of the Currency Thomas Curry said banks have expectations to maintain security of consumers and similar requirements need to be in place for nonbanking institutions.

Tuesday's Senate Banking Committee hearing, titled "Wall Street Reform: Assessing and Enhancing the Financial Regulatory System," included witnesses from the Federal Reserve, CFPB and other federal bank, securities and commodity futures regulators.

Also discussed during the hearing are the Fed, OCC and FDIC's review of rules and regulations that are deemed unnecessary or unduly burdensome under the Economic Growth and Regulatory Paperwork Reduction Act. NAFCU submitted comments to the Fed urging it to reevaluate account transaction limitations for savings deposits under Regulation D.

On Monday, NAFCU Vice President of Legislative Affairs Brad Thaler submitted a letter to Senate Banking Committee leaders urging Congress to "enact common-sense regulatory relief" measures that will help credit unions better serve their members.