WASHINGTON, DC (December 4, 2015) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement today thanking House Financial Services Committee Chairman Jeb Hensarling, R-Texas, for scheduling a mark-up for Tuesday, Dec. 8, on NAFCU-supported legislation to strengthen the protection of consumers’ financial data, the “Data Security Act of 2015,” and to require more budget transparency at NCUA.
“I appreciate Chairman Jeb Hensarling’s commitment to data security and ensuring that all entities holding consumers’ personal financial data are held to the same standards credit unions are already accountable to,” Berger said. “I also thank him for his attention to the budgeting process of NCUA and the importance of making that process more transparent to credit unions.
“Sincere thanks go also to Representatives Randy Neugebauer, John Carney, Mick Mulvaney and Kyrsten Sinema for their leadership and effort in putting forth these important bills,” Berger added.
Introduced by Neugebauer, R-Texas, and 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.
Under H.R. 2205, retailers would be held responsible for implementing security measures to protect consumer data. A companion measure, S. 961, was introduced by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo.
Also on the agenda for Tuesday’s mark-up is H.R. 2287, the “National Credit Union Administration Budget Transparency Act.” Introduced by Mulvaney, R-S.C., and Kyrsten Sinema, D-Ariz., the measure would require NCUA to publish a draft of its budget in the Federal Register and hold a public hearing to garner comments from the public.
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.
