February 05, 2014

NAFCU-backed cyber bill clears committee

Feb. 6, 2014 – NAFCU-backed H.R. 3696, a bill that would strengthen financial institutions' – including credit unions' – ability to identify and respond to cyber incidents and threats, was favorably voted out of the House Homeland Security Committee on Wednesday by a voice vote and now awaits House action.

NAFCU lobbyists monitored Wednesday's mark-up of the bill, the "National Cybersecurity and Critical Infrastructure Protection Act." There was some discussion on the importance of keeping personally identifiable information safe. The committee also discussed working toward passage of a bipartisan package that can gain broad support in the House and Senate.

On Tuesday, NAFCU joined with nine other financial industry trades in urging the committee to approve of this bill, saying it would strengthen current mechanisms such as the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center to help the financial sector identify threats, respond to cyber incidents and coordinate with government bodies.