Newsroom

April 17, 2015

Berger to testify on data security; House action ahead on cyber, more

Sharing the credit union perspective on data security, NAFCU President and CEO Dan Berger will reiterate the association's key data security principles and present how credit unions have successfully minimized data breaches when he testifies before the House Small Business Committee on Wednesday.

The April 22 hearing, "Small Business, Big Threat: Protecting Small Businesses from Cyber Attacks," is the first in a series of hearings the committee wants to hold to examine current data security laws and what can be done differently to ensure businesses shield themselves and consumers from future data breaches.

NAFCU continues to seek passage of a data security bill that would create a strong national standard of protection for retailers, recognize credit unions' compliance with the Gramm-Leach-Bliley Act and hold retailers accountable for breaches occurring on their end. Such a bill was introduced last week by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo. NAFCU strongly supports the bill.

Also on Wednesday, the House Oversight and Government Reform Committee will hold a hearing on enhancing cybersecurity of third-party contractors and vendors.

On Thursday, NAFCU lobbyists will monitor a hearing by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit examining regulatory burdens from the regulator's perspective.

In the week ahead, the House is expected to take up the following:

  • H.R. 1195, the "Bureau of Consumer Financial Protection Advisory Boards Act," to make CFPB's Credit Union Advisory Council permanent;
  • H.R. 1560, the "Protecting Cyber Networks Act," to enhance the sharing of information about cybersecurity threats; and
  • H.R. 1731, the "National Cybersecurity Protection Advancement Act," to enhance multi-directional sharing of information related to cybersecurity threats and strengthen privacy and civil liberty protections.