January 14, 2014

NAFCU-backed cybersecurity bill in mark-up today

Jan. 15, 2014 – NAFCU will closely monitor today's House subcommittee mark-up of the "National Cybersecurity and Critical Infrastructure Protection Act," H.R. 3696, which would strengthen the credit union industry's ability to identify and respond to cyber incidents and threats.

The bill will be marked up by the House Homeland Security Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies. NAFCU joined 11 other financial organizations Monday in urging the leaders of the Committee on Homeland Security to support the bill.

"H.R. 3696 recognizes the necessary partnership between the private and public sectors that is required to better protect our Nation's cybersecurity infrastructure," the signers wrote. "Among other provisions, this bill would strengthen existing mechanisms such as the Financial Services Sector Coordinating Council (FSSCC) and the Financial Services Information Sharing and Analysis Center (FS-ISAC) that help our sector identify threats, respond to cyber incidents and coordinate with government partners.

The subcommittee will mark up H.R. 3696 after an opening statement from subcommittee Chairman Rep. Patrick Meehan, R-Penn.

Data security is a key element of NAFCU's five-point plan for credit union regulatory relief. NAFCU has been leading the response to the recent Target Corporation data security breach in pressing Congress for legislation that would hold retailers to the same standards as financial institutions regarding sensitive data.