NCUA should take steps toward enhancements to the credit union charter, while improving cybersecurity efforts and reducing regulatory burden, CUNA President/CEO Jim Nussle wrote in a letter to Senate Banking Committee leadership in advance of NCUA Chairman Rodney Hood’s scheduled appearance before the committee. Hood will appear Wednesday as part of a panel of federal financial regulators.
“In the recent past, the credit union industry has focused its advocacy efforts on enhancements to the credit union charter. Therefore, we urge the agency to take steps toward this objective, which may include collaborating with parties outside NCUA,” Nussle’s letter reads. “Concern over cyber and data security is likely the single biggest issue currently facing most industries, including financial services. We appreciate NCUA’s recognition of the importance of this issue and its commitment to make it a focus area.
“We ask the agency to outline its short- and long-term strategy for ensuring credit unions and the agency are well positioned to avoid unauthorized loss of information through both cyber and general data breach threats… we ask the agency to provide a roadmap of both the concrete and policy approaches it will commit to in order to reduce the ever-increasing regulatory pressures on our nation’s credit unions,” Nussle adds.
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