NAFCU, trades extend support for bill to reform CFPB leadership structure
NAFCU joined with 18 trade associations to offer support for the Consumer Financial Protection Commission Act of 2020 introduced earlier this month by House Financial Services Committee Member Blaine Luetkemeyer, R-Mo., and his fellow Republicans on the Committee. This NAFCU-supported legislation would reform the CFPB's governance structure from a single director to a bipartisan commission.
“[W]e believe your legislation is an appropriate and sensible remedy that would bring long term stability to the Bureau,” wrote the coalition in the letter sent Friday. “In addition to safeguarding the CFPB from executive and political interference, a Senate confirmed, bipartisan commission will provide a balanced and deliberative approach to supervision, regulation, and enforcement by encouraging input from all stakeholders.
“The financial services marketplace thrives in a stable regulatory environment,” the group concluded.
Earlier this month, the Supreme Court heard arguments in a lawsuit brought by Seila Law against the CFPB challenging its single-director structure. The bureau previously announced it would no longer defend its structure after years of lawsuits and calls to reform it from various stakeholders.
The association has consistently advocated that the bureau's leadership structure should be reformed. Last week, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter to the Senate Banking Committee ahead of CFPB Director Kathy Kraninger’s testimony suggesting areas where the association believes the structure and operations of the bureau could be improved.
NAFCU will continue to monitor related litigation and Congress' efforts to make CFPB reforms.
Add to Calendar 2020-03-26 14:00:00 2020-03-26 14:00:00 Data Breaches – Mitigation and Response Strategies As data breaches continue to make the headlines credit unions are challenged to maintain member confidence in their ability to recognize, react and respond to intrusions in order to safeguard member financial information and transactions. A core component of cybersecurity risk management is a well-designed Incident Response program that supports the credit union’s needs. This session will summarize up to date information on the latest cybersecurity risks and how breaches occur. We will also explore regulatory guidance and current practices for a credit union to define and manage an incident response program. Key Takeaways Understand the latest developments in ransomware and account take over attacks Explore case studies from recent intrusions, breaches and lessons learned from each case study Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365 Understand the various aspects of the “Cybersecurity Kill Chain” Define key strategies to test your institution’s Incident Response program Register Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until March 26, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk management staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the latest developments in ransomware and account take over attacks. Explore case studies from recent intrusions, breaches and lessons learned from each case study. Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365. Understand the various aspects of the "Cybersecurity Kill Chain". Define key strategies to test your institution's Incident Response program. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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