WASHINGTON (3/8/16)--President Barack Obama kicked off this week on Capitol Hill by welcoming financial regulators, including the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau, to the White House Monday.
During the meeting, Obama called the financial system “safer and stronger than it was before the crisis.” He added that it is top priority of the White House going forward to improve cybersecurity and tighten security gaps in the financial sector, identifying weak and vulnerable areas.
The Credit Union National Association (CUNA) will continue its advocacy efforts for the remainder of Obama’s term and the 114th Congress, pushing for cybersecurity legislation that would provide a national data security and data breach notification standard.
CUNA will also continue to fight for reducing the regulatory burden of credit unions, revealed in a groundbreaking CUNA study to have been $7.2 billion in 2014 alone. (See related story: Complete CUNA reg. burden study now available.)
CUNA is also working in support of legislation that would:
Elsewhere on Capitol Hill this week, CUNA will be monitoring today’s Senate Appropriations subcommittee on financial institutions and general government’s hearing on the U.S. Treasury’s budget. The hearing is scheduled to start at 10 a.m. (ET) and will be streamed live.