The Senate invoked cloture on a manager’s amendment Thursday on the NAFCU-backed S. 754, the “Cybersecurity Information Sharing Act” (CISA), which sets the stage for the Senate to complete its work on the measure next week.

Sponsored by Sens. Richard Burr, R-N.C., and Dianne Feinstein, D-Calif., the bill aims to bring greater security for financial data through faster, more efficient sharing of cyber-threat information among the business and government sectors.

The Senate began considering amendments to the bill Thursday. Among these was an amendment from Sen. Rand Paul, R-Ky. Opposed by NAFCU and later voted down, the measure would have made companies liable for inadvertent violations of terms of service or privacy agreements. NAFCU lodged its opposition in a letter sent jointly with other financial industry trades.

NAFCU also signed on to a joint letter with three other financial trades to raise concerns about other proposed amendments, including those introduced by Sens. Patrick Leahy, D-Vt., Al Franken, D-Minn., Ron Wyden, D-Ore., and Jeff Flake, R-Ariz., regarding the definition of a cyber threats, how long the measure would be in effect, and other aspects of the bill. The trades argue that the amendments would create ambiguities and complications in the bill’s language and otherwise undermine the measure.

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