Removing Barriers Blog

House Financial Services Committee Passes Two CUNA-Supported Bills
Posted December 09, 2015 by mcarew

Today the House Financial Services Committee passed two CUNA-supported blills: the Data Security Act of 2015 (H.R. 2205), and the NCUA Budget Transparency act (HR 2287). The data bill passed 46-9, and the NCUA bill passed 40-16. The bills now head to the House floor for full votes. 

Data security legislation has been a top advocacy priority for us since the Target data breach of 2013 exposed millions of cards and cost credit unions at least $30 million. Introduced by Reps. Randy Neugebauer (R-Texas) and John Carney (D-Del.), the bill would create a scalable data security standard for entities that handle sensitive consumer information, as well as a data breach notification standard that will supersede the current patchwork of state standards.

H.R. 2205 also recognizes that credit unions and other financial institutions already have strict data security standards set forth under the Gramm-Leach-Bliley Act, and thus does not impose any additional standards on them. The Data Security Act of 2015 has a Senate equivalent bill, S. 9621, that was introduced by Sens. Tom Carper (D-Del.) and Roy Blunt (R-Mo.).

The National Credit Union Administration Budget Transparency Act (H.R. 2287), introduced by Reps.Mick Mulvaney, (R-S.C.), and Kyrsten Sinema, (D-Ariz.) would require the NCUA to hold public hearings and accept comments on its annual budget. This would allow credit unions to have more input into how their dollars are spent by their regulator.