May 16, 2016

NAFCU at meetings on cybersecurity, payments systems

NAFCU Senior Regulatory Affairs Counsel Michael Emancipator on Monday attended an Obama administration-led meeting on the administration's development of a plan to enhance cybersecurity awareness and protections.

The meeting focused on potential cyber-threats to the financial services sector and how public and private entities can collaborate to combat cyber-threats.

NAFCU continues to remain engaged on cyber and data security issues and to advocate passage of the "Data Security Act," which would hold retailers to the same standards financial institutions follow under the Gramm-Leach-Bliley Act.

Also this week, NAFCU Regulatory Affairs Counsel Kavitha Subramanian will attend a Federal Reserve Faster Payments Task Force meeting tomorrow. The task force will soon begin evaluating the 20 proposals it received for the adoption of a new end-to-end, faster payments solution.

NAFCU is a member of both the Faster Payments Task Force and the Fed's Secure Payments Task Force. NAFCU has urged the Fed against a "one size fits all" approach in determining the payments system's future and continues to advocate that any new payments system by cost-effective, efficient and scalable for credit unions of all sizes.