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News Now

Washington
CUNA: Bill would back CU cybersecurity efforts
WASHINGTON (1/14/14)--Noting that the financial services sector continues to collaborate and invest in the infrastructure needed to combat cyber threats, the Credit Union National Association and others on Monday thanked House Committee on Homeland Security leaders for introducing the National Cybersecurity and Critical Infrastructure Protection Act (H.R. 3696).

"We welcome your leadership in this crucial fight against cyber threats and your work in forging this commonsense, bipartisan legislation," the cosignors said. The letter was sent to committee Chairman Michael McCaul (R-Texas), Ranking Democrat Bennie Thompson (D-Miss.) and other committee members.

According to the joint trade letter, H.R. 3696 would:
  • Strengthen existing mechanisms such as the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center that help identify threats, respond to cyber incidents and coordinate with government partners;
  • Improve the provisioning of security clearances for those involved in cybersecurity information sharing; and
  • Expand the existing Support Anti-Terrorism by Fostering Effective Technologies (SAFETY) Act to provide important legal liability protections for providers and users of certified cybersecurity technology in the event of a qualified cybersecurity incident.
The expanded SAFETY Act provisions, if approved, must be implemented "in a manner that does not duplicate or conflict with existing regulatory requirements, mandatory standards, or the evolving voluntary National Institute for Standards and Technology Cybersecurity Framework," the letter said. Further, an expansion of the program must be coupled with additional funding to enable the Dept. of Homeland Security to handle the increased scope of program and subsequent increase in applicants, the letter added.

The letter was cosigned by the American Bankers Association, The Clearing House, Consumer Bankers Association, Electronic Funds Transfer Association, Financial Services - Information Sharing and Analysis Center, Financial Services Roundtable, Independent Community Bankers Association, Investment Company Institute, NACHA-The Electronic Payments Association, National Association of Federal Credit Unions and Securities Industry and Financial Markets Association.
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