Supreme Court to examine CFPB constitutionality today; NAFCU to attend oral arguments
The U.S. Supreme Court will hold oral arguments today in a case brought by Seila Law against the CFPB that challenges the agency’s single-director structure. NAFCU has long held that the CFPB’s leadership structure should be reformed to a commission-based model to ensure transparency and accountability.
"The CFPB’s leadership structure has been seeped in political firefight since its inception," said NAFCU President and CEO Dan Berger ahead of today’s oral arguments. "But as the Supreme Court examines the constitutionality of the bureau’s leadership structure one key issue remains clear: a commission would provide the best path forward for consumers.
"Regardless of how the Supreme Court rules, a commission would allow for more open debate, diversity of thought, and a stable leadership structure that would better serve consumers in the long-run," Berger added. "But until Congress acts to implement this change, NAFCU will continue to work alongside CFPB Director Kathy Kraninger, who has been open to addressing the needs of credit unions and their 120 million members. More so, we will continue to staunchly oppose subjecting credit unions to CFPB authority, and we will continue to push for the bureau to exempt credit unions from its rulemakings."
In the CFPB lawsuit, the bureau previously announced it would no longer defend its structure after years of lawsuits and calls to reform it from various stakeholders. This case could also have implications on the structure of the Federal Housing Finance Agency (FHFA). NAFCU’s Regulatory Affairs Counsel Kaley Shafer will be in attendance for today’s oral arguments at the Supreme Court.
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 email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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