HFSC overwhelmingly passes CUNA-backed data security, NCUA budget bills

Votes from the House Financial Services Committee Wednesday will help make consumer data safer, said CUNA President/CEO Jim Nussle. The committee passed two bills that have strong CUNA support, the Data Security Act of 2015 (H.R. 2205) and the National Credit Union Administration Budget Transparency Act (H.R. 2287) during its markup.

H.R. 2205 passed the committee with a 46-9 vote and H.R. 2287 passed with a 40-16 vote.

“The House Financial Services Committee voted today to protect consumers by strengthening our country’s data security laws. The CUNA-backed Data Security Act will prevent breaches by providing a higher standard for all who accept payments, better notification procedures and a federal law that will replace the cumbersome patchwork of state laws,” said CUNA President/CEO Jim Nussle. “We thank the members of the committee who voted in favor of protecting the American consumer, and urge House leadership to quickly bring the legislation to the House floor.

“Until retailers adhere to the same standards that financial institutions are beholden to, millions of consumers will remain at risk,” Nussle added.

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