This week: Cordray at NAFCU, data breach hearing, tax bill review

CFPB Director Richard Cordray will be at NAFCU headquarters Tuesday for a meeting with the association’s board of directors to discuss various regulatory issues affecting the credit union industry, including the bureau’s various lending and Home Mortgage Disclosure Act rules.

Also this week, the Senate Commerce, Science, and Transportation Committee will hold a hearing titled “Protecting Consumers in the Era of Major Data Breaches.” Witnesses include executives from Equifax, Yahoo!, Verizon Communications Inc. and Entrust Datacard Corp. It will be the first time Equifax’s current CEO will testify on the issue before Congress. Last week, NAFCU recommended ways for Congress to create a national data security standard and greatly minimize the number and impact of data breaches during testimony before a House Financial Services subcommittee.

Today, the House Ways and Means Committee will begin reviewing the Republican tax bill, the Tax Cuts and Jobs Act (H.R. 1), which, as urged by NAFCU, leaves the credit union tax exemption intact. A mark on the bill from House Ways and Means Committee Chairman Kevin Brady, R-Texas, released Friday, further ensures protection of the industry’s tax exemption. NAFCU continues to review the bill for any additional impacts on credit unions.


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