WASHINGTON (12/7/15)--Two CUNA-backed regulatory relief bills will be marked up by the House Financial Services Committee Tuesday, the committee announced last week. The Data Security Act of 2015 (H.R. 2205) and the National Credit Union Administration Budget Transparency Act (H.R. 2287) are among eight bills on the markup’s agenda.
H.R. 2287 would require the NCUA to establish a process by which the public may examine and comment on the agency’s proposed annual budget prior to adoption. It was introduced in March by Reps. Mick Mulvaney (R-S.C.) and Kyrsten Sinema (D-Ariz.).
CUNA President/CEO Jim Nussle wrote to Mulvaney and Sinema in May, saying the bill would increase transparency and accountability at the NCUA, thereby supporting the agency’s mission.
H.R. 2205 is the cybersecurity bill most strongly supported by CUNA. The bill meets the principles CUNA spelled out to Congress earlier this year as necessary for any effective data security legislation.
Introduced in May by Reps. Randy Neugebauer (R-Texas) and John Carney (D-Del.), it would establish a scalable process for companies of all sizes to follow in order to secure consumer data.
It would apply to entities that currently have no federal obligation to protect consumer information, and contains security standards based on the implementing guidance for the Gramm-Leach-Bliley Act, which sets standards for financial institutions.
Under the bill, entities must:
CUNA issued an action alert in May, urging credit union members to contact their legislators to support the bill.
H.R. 2205 has a Senate equivalent, also called the Data Security Act of 2015 (S. 961), introduced by Sens. Tom Carper (D-Del.) and Roy Blunt (R-Mo.).
The markup is scheduled to begin at 2 p.m. (ET) Tuesday and will be streamed live on the committee’s website.