Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cybersecurity bill stalls out in Senate
WASHINGTON (8/3/12)--The Cybersecurity Act of 2012 (S. 3414) Thursday did not get the votes it needed in the U.S. Senate to move the bill on its way to a final vote.

Sixty votes were necessary for lawmakers to invoke "cloture," a parliamentary procedure that means to close debate on a bill and move it to a vote.

A total of 52 senators agreed to hold a vote, while 46 opposed moving the bill forward.

S. 3414 would have established voluntary information protection standards for government agencies, utilities, and other public and private entities. The bill would also establish a National Cybersecurity Council, which would include appointed representatives from the Department of Commerce, Department of Defense, Department of Justice, the intelligence community, and various "sector-specific" federal agencies.

Congress is set to adjourn today for the traditional August recess and lawmakers are scheduled to return in early September. The bill could be brought up for a vote again once Congress returns.

The Credit Union National Association (CUNA) monitored the bill's progress, noting that some voluntary security standards could eventually become mandatory, thus imposing a new burden on financial institutions.

CUNA has repeatedly said that the data security standards followed by credit unions and other financial institutions are strong, and it remains committed to ensuring that any data security measure passed by Congress does not negatively impact credit unions.


RSS print
News Now LiveWire
La. #creditunion league launches new biz development council #NewsNow http://t.co/XTi6OFWS3Q
12 minutes ago
Reap the benefits of #creditunion membership says @CharisseAmanda at @HuffingtonPost http://t.co/zCndkbaM2S
37 minutes ago
#100MM growth? Look at millennials, philosophies that align w/ #creditunions @MyFoxTampaBay See #NewsNow http://t.co/Fsjay52a5m
51 minutes ago
96 #creditunions across Britain have applied for funding from Lloyds Banking Group #CreditUnion Development Fund http://t.co/quq3OEE0Qq
16 hours ago
Eight new ideas hatched from @fileneresearch innovation incubator #NewsNow http://t.co/h6Ev6q3HnQ
16 hours ago