House panel to review data security, NCUA budget bills today

NAFCU-supported legislation to strengthen the protection of consumers’ financial data and to require more budget transparency at NCUA is scheduled for mark-up today by the full House Financial Services Committee.

Ahead of today’s mark-up, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter to committee leaders yesterday asking their support of H.R. 2205, the “Data Security Act of 2015,” and H.R. 2287, the “National Credit Union Administration Budget Transparency Act.”

Introduced by Randy Neugebauer, R-Texas, and John Carney, D-Del., H.R. 2205, would establish uniform national standards for protecting consumer payment and personal information while recognizing credit unions’ compliance with the Gramm-Leach-Bliley Act. A companion measure, S. 961, was introduced by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo.

Under H.R. 2205, retailers would be held responsible for implementing security measures to protect consumer data. In a POLITICO article Monday, NAFCU President and CEO Dan Berger is recognized for his statement last week praising House Financial Services Committee Chairman Jeb Hensarling for holding today’s mark-up. Berger thanked Hensarling for his efforts to ensure “that all entities holding consumers’ personal financial data are held to the same standards credit unions are already accountable to,” the article stated.

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