Banks v. Retailers MMA Cage Fight

Where does the buck stop in data security regulation? Is it at the financial institution or at the retailer who garners the class action lawsuit? 

Retailers have said they should not be treated like banks, which are heavily regulated. Information Intelligence

The Credit Union National Association,  Financial Services Roundtable, the Consumer Bankers Association and four other financial trade associations sent a letter to Congress on Friday asking to have new rules imposed upon retailers that handle customers’ personal data.  This could impose fines of up to $1 Million per day for retailers.   The Hill