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.


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