August 06, 2015

NAFCU to CUs: Contact lawmakers this month on reg relief, data security, more

With lawmakers back in home districts for the August recess, NAFCU is urging credit unions across the country to contact their U.S. senators and representatives in person to advocate for regulatory relief, a national data security standard for retailers and other top industry needs.

Credit union representatives are particularly encouraged to invite lawmakers to visit their credit union, attend a town hall meeting, or to make contact with them through letters or social media.

Among the measures Congress is expected to take up soon after recess is S. 754, the "Cybersecurity Information Sharing Act," a NAFCU-supported measure that would promote quicker, more efficient sharing of cyber-threat information between business and government. The Senate has unanimous consent to proceed, but further action won't occur until at least September due to the August recess.

Other bills with high priority include:

  • H.R. 2205 and S. 961, the "Data Security Act," which would require retailers to follow a strong national data security standard akin to what financial institutions already follow;
  • H.R. 2287 and S. 924, the "National Credit Union Administration Budget Transparency Act," which would require NCUA to hold a public hearing on its budget and publish draft budgets for comment in the Federal Register; and
  • H.R. 2769, the "Risk-Based Capital Study Act," which would require NCUA to study the impact of its risk-based capital proposal and report to Congress before enforcing it.

NAFCU members can visit the association's Grassroots Action Center for more guidance on how to reach out to lawmakers about top credit union issues.