January 13, 2014

NAFCU, trades urge cybersecurity bill action

Jan. 14, 2014 – NAFCU joined 11 other financial organizations Monday in urging the leaders of the House Committee on Homeland Security to support the National Cybersecurity and Critical Infrastructure Protection Act, H.R. 3696, which is slated for subcommittee mark-up Wednesday.

"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.

"These organizations work closely with partners throughout the government, including our sector-specific agency, the Department of Treasury, as well as the Department of Homeland Security," they continued. "Each agency has a civilian mission and plays a unique role in sector cybersecurity efforts, and both work to strengthen the sector's understanding of the threat environment."

The letter was sent to committee Chairman Michael McCaul, R-Texas, and Ranking Member Bernie Thompson, D-Miss. Letter signers include: the American Bankers Association, the Clearing House, the Consumer Bankers Association, CUNA, the Electronic Funds Transfer Association, Financial Services, Financial Services Roundtable, the Independent Community Bankers Association, the Investment Company Institute, NACHA – The Electronic Payments Association, and the Securities Industry and Financial Markets Association.

The Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies is scheduled to mark up H.R. 3696 on Wednesday afternoon, 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.