Newsroom
Harper testifies before SBC; NAFCU writes to HFSC ahead of oversight hearing
The Senate Banking Committee held a hearing yesterday to discuss how federal financial regulators are working to create a financial system that strengthens the financial services industry to benefit consumers, communities, and small businesses.
During the hearing, Chairman Sherrod Brown, D-Ohio, said that lawmakers “need to pass the bipartisan Improving Cybersecurity of Credit Unions Act led by Senators Ossoff, Lummis, and Warner” to give regulators the tools needed to combat growing cybersecurity risks.
NAFCU is opposed to this bill, which would grant the NCUA additional authority to examine credit union service organizations (CUSOs) and other third-party vendors, and sent a letter to the committee in August outlining concerns. The letter noted that credit unions fund the NCUA budget and implementing such a new authority would incur additional expenditures by the agency – ultimately borne by credit unions and their 134 million members. The association reiterated these concerns, in addition to other credit union priorities Congress should address, ahead of Tuesday’s hearing.
NCUA Chairman Todd Harper testified at the hearing and shared recent steps the agency has taken to strengthen the credit union industry.
“Over the last year, the NCUA has undertaken several actions to strengthen capital standards, improve the examination process, enhance cybersecurity, protect consumers, preserve Minority Depository Institutions (MDIs), and advance diversity, equity, and inclusion,” said Harper.
Harper will also testify at the House Financial Services Committee’s oversight hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions,” scheduled for 10 a.m. Eastern today. Ahead the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the committee.
In his letter, Thaler highlighted:
· NAFCU’s support of the House-passed Expanding Financial Access for Underserved Communities Act, giving credit unions a greater ability to serve localities deserted by banks;
· the association’s opposition to granting the NCUA oversight authority over third party vendors;
· NAFCU’s support in closing the industrial loan company loophole;
· the need to extend the authorities for the Central Liquidity Facility granted under the CARES Act;
· the necessary reformation of the member business loan cap; and
· the importance of careful implementation of Section 1033 of the Dodd-Frank Act.
NAFCU will monitor the upcoming oversight hearing and report information via NAFCU Today.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.