WASHINGTON, DC (December 10, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today in response to the House Financial Services Committee’s approval of NAFCU-sought H.R. 2205, the “Data Security Act of 2015,” and H.R. 2287, the “National Credit Union Administration Budget Transparency Act,” which were both approved on in Committee votes this morning.
“NAFCU and its members thank Chairman Jeb Hensarling, the committee and the bills’ sponsors for their leadership and commitment to advancing these important measures,” said Berger. “We look forward to continuing our work with Congress to keep these two vital pieces of legislation on track to final passage.”
NAFCU-sought bills to set uniform national standards for protecting consumer dataand to require NCUA to publish and hold hearings on its draft budgets were approved and reported to the full House today by the House Financial Services Committee.
Hensarling, R-Texas, during Tuesday’s deliberations supported reporting both measures favorably to the House. Several other lawmakers aired support of H.R. 2205 but also cited interest in making further refinements as that bill progresses through the legislative process.
H.R. 2205 and H.R. 2287 were marked up by the committee last night. The bills now await House action, and NAFCU is urging passage.
“NAFCU would like to recognize Representatives Randy Neugebauer, John Carney, Mick Mulvaney and Kyrsten Sinema for their initiatives in introducing these bills and helping to make this legislation a reality and Rep. Royce for his continued support on credit union business lending,” Berger added.
The “Data Security Act” was introduced in the House by Reps. Randy Neugebauer, R-Texas, and John Carney, D-Del. It 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, has been introduced by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo.)
The “National Credit Union Administration Budget Transparency Act,” H.R. 2287, was introduced by Reps. Mick Mulvaney, R-S.C., and Kyrsten Sinema, D-Ariz. It would require NCUA to publish a draft of its budget in the Federal Register and hold a public hearing to garner comments. In writing the Committee before the mark-up, NAFCU’s Vice President of Legislative Affairs Brad Thaler noted that, contrary to what opponents have argued, the bill would not impact on NCUA’s budget decision-making, just increase transparency in the process.
During mark-up, Rep. Ed Royce, R-Calif., used part of his speaking time on H.R. 2287 to lodge support for greater credit union member business lending authority. He pointed specifically to H.R. 1422, which he and Rep. Jared Huffman, D-Calif., have introduced to exempt loans for non-owner-occupied, one- to four-unit dwellings from credit unions’ statutory MBL cap.
“What I’m doing here is drawing attention to the need for credit union regulatory relief,” Royce said. “The [Small Business Administration] finds that 80 percent of new credit union lending – beyond the current cap – would go to small businesses. We should allow them to do more.” Royce also spoke of the need for those responsible for a breach, including merchants, to be held financially liable during the debate on H.R. 2205, and noted that he hoped that can ultimately be addressed in this process.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
