WASHINGTON (8/7/15)--The U.S. Senate will hold off on voting on the Cybersecurity Information Sharing Act (CISA) until after the August recess, but a CUNA-opposed amendment was not added to the bill.
Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Harry Reid (D-Nev.) reached an agreement late Wednesday to consider 10 Republican amendments and 11 Democratic amendments-- the amendment regarding the National Credit Union Administration was excluded from that list.
CUNA wrote Wednesday in opposition to the amendment, submitted by Sen. Elizabeth Warren (D-Mass.), that would have granted NCUA supervision authority over third-party vendors.
CUNA told Senate leadership that the amendment would increase the regulatory burden facing credit unions while bringing no apparent positives to members. In addition, the amendment was unnecessary, because credit unions are already required to perform due diligence when it comes to third-party relationships. That due diligence is currently subject to supervision by the NCUA.
The Cooperative Credit Union Association also made its voice heard, conveying credit union concerns with the amendment.
CISA is intended to address cybersecurity threats by making it easier for private sector companies and the government to share information on potential threats.
CUNA also wrote to the Senate earlier this week regarding CISA, calling it a good step but pushing for a strong, national data security standard. CUNA urged the Senate to take up legislation such as the Data Security Act of 2015 (S. 961), which would not only create a standard, but recognize that a number of data protection and consumer notice requirements are already in place for financial institutions under the Gramm-Leach-Bliley Act and subsequent regulations.