February 05, 2014

NAFCU-backed cyber bill in mark-up today

Feb. 5, 2014 – NAFCU and nine financial industry trades joined Tuesday in urging the House Homeland Security Committee to approve H.R. 3696, a bill that would strengthen financial institutions' ability to identify and respond to cyber incidents and threats.

H.R. 3696, the "National Cybersecurity and Critical Infrastructure Protection Act," is slated for committee mark-up today. It was amended and approved by a Homeland Security subcommittee in mid-January.

"H.R. 3696 recognizes the necessary partnership between the private and public sectors required to better protect our Nation's cybersecurity infrastructure," the groups wrote in a letter to committee Chairman Michael McCaul, R-Texas, Ranking Member Bennie Thompson, D-Miss., and members.

The bill 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. It also addresses security clearances for those involved in cybersecurity information sharing.

The groups urged lawmakers to ensure the bill "provides the appropriate balance to protect privacy, while allowing financial institutions to evaluate information for cybersecurity threats."