Newsroom
CFPB info protection bill on 2 tracks
A NAFCU-backed bill to ensure privileged information provided by a financial institution to the Consumer Financial Protection Bureau is kept confidential was approved unchanged Thursday by the House Financial Services Committee.
Reported out of committee on voice vote, H.R. 4014, introduced by Rep. Bill Huizenga, R-Mich., makes a brief revision to the Federal Deposit Insurance Act to clarify that information provided to the CFPB receives the same level of protection as information provided to financial institutions' prudential regulators, such as NCUA.
"It is critical that this type of privacy protection from third parties . . . is clearly spelled out in the law," Dan Berger, NAFCU's executive vice president of government affairs, urged the panel late Wednesday.
Writing committee Chairman Spencer Bachus, R-Ala., and Ranking Member Barney Frank, D-Mass., Berger said failure to ensure the law is clear on the treatment of privileged information could lead to disclosures that may expose institutions to frivolous lawsuits. "NAFCU believes having clarity in the statute and accompanying Committee report could also help ensure that credit unions will have a greater comfort level in providing requested information," he wrote.
Berger said the legislation "should ensure that this privilege is maintained for any information already shared with the CFPB."
Berger reiterated that in a letter Thursday to Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Richard Shelby, R-Ala., the sponsor and chief Republican cosponsor of S. 2099, which is identical to the House bill. Bachus is an H.R. 4014cosponsor.
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.