WASHINGTON (12/10/13)--The Financial Stability Oversight Council (FSOC) met in open session Monday to discuss cybersecurity, as well as to receive a presentation from the Office of Financial Research on financial market developments, among other things.
Politico reported that officials from the U.S. Treasury Department told FSOC members that there is a significant need for cybersecurity legislation that goes beyond the Obama administration's executive order on "critical infrastructure" cybersecurity. That order, when issued, incorporated some changes suggested by the Credit Union National Association to the agency. Cybersecurity legislation is supported by CUNA, and widely across the financial services industry.
Politico reported that a Treasury official said at the FSOC meeting that although work under the Executive Order is vital, it is not a substitute for legislation and that the administration hopes to work with Congress to keep laws apace with evolving cyber threats.
The National Credit Union Administration is an FSOC member.