WASHINGTON (7/31/14)--The House passed the SAFE Confidentiality and Privilege Enhancement Act (H.R. 4626) and the National Cybersecurity and Critical Infrastructure Protection Act of 2014 (H.R. 3696) this week. The Credit Union National Association supports both bills.
H.R. 4626 would amend the SAFE Mortgage Licensing Act of 2008 to give state and federal regulatory officials with financial services authority access to any information provided to the Nationwide Mortgage Licensing System and Registry (NMLSR) without the loss of privilege or confidentiality protections provided by federal and state laws. This includes access to information provided to any system established by the Director of the Consumer Financial Protection Bureau.
Currently only those regulatory officials with mortgage oversight authority can access the NMLSR without loss of privilege or confidentiality.
H.R. 3696 would amend the Homeland Security Act of 2002 to require the Secretary of Homeland Security to, among other requirements, strengthen existing mechanisms such as the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center that help the financial services sector identify threats, respond to cyber incidents and coordinate with government partners. The legislation also seeks to improve the provisioning of security clearances for those involved in cybersecurity information sharing.
Both bills will move onto the Senate for consideration.