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NAFCU-sought bills to set uniform national standards for protecting consumer data and to require NCUA to publish and hold hearings on its draft budgets were approved and reported to the full House today by the House Financial Services Committee.

H.R. 2205, the "Data Security Act of 2015," and H.R. 2287, the "National Credit Union Administration Budget Transparency Act," were marked up by the committee last night and approved in committee votes this morning. The bills now await House action, and NAFCU is urging passage. H.R. 2205 was approved in a vote of 46-9; H.R. 2287 was approved in a vote of 40-16.

"NAFCU and its membersthank Chairman Jeb Hensarling, the committee and the bills' sponsors for their leadership and commitment to advancing these important measures," said NAFCU President and CEO Dan Berger. "We look forward to continuing our work with Congress to keepthese two vital pieces of legislation on track to final passage."

Hensarling, R-Texas, during Tuesday's deliberations supported reporting both measures favorably to the House. Several others aired support of H.R. 2205 but also cited interest in making further refinements as that bill progresses through the legislative process.

The "Data Security Act" was introduced in the House by Reps. Randy Neugebauer, R-Texas, and John Carney, D-Del. It would establish uniform national standards for protecting consumer payment and personal information while recognizing credit unions' compliance with the Gramm-Leach-Bliley Act. (A companion measure, S. 961, has been introduced by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo.)

The "National Credit Union Administration Budget Transparency Act," H.R. 2287, was introduced by Reps. Mick Mulvaney, R-S.C., and Kyrsten Sinema, D-Ariz. It would require NCUA to publish a draft of its budget in the Federal Register and hold a public hearing to garner comments. Writing the committee before the mark-up, NAFCU Vice President of Legislative Affairs Brad Thaler noted that, contrary to what opponents have argued, the bill would not impact NCUA's budget decision-making, but rather increase transparency in the process.

During mark-up, Rep. Ed Royce, R-Calif., used part of his speaking time on H.R. 2287 to lodge support for greater credit union member business lending authority. He pointed specifically to H.R. 1422, which he and Rep. Jared Huffman, D-Calif., have introduced to exempt loans for non-owner-occupied, one- to four-unit dwellings from credit unions' statutory MBL cap.

"What I'm doing here is drawing attention to the need for credit union regulatory relief," Royce said. "The [Small Business Administration] finds that 80 percent of new credit union lending – beyond the current cap – would go to small businesses. We should allow them to do more." During the debate on H.R. 2205, Royce also spoke of the need for those responsible for a breach, including merchants, to be held financially liable and said he hoped that can be addressed in this process.