The House Financial Services Committee advanced two CUNA-backed bills at its Thursday markup, bills covering compliance consistency and data security. CUNA wrote in support of both bills prior to the markup.
The bills are the Give Useful Information to Define Effective (GUIDE) Compliance Act (H.R. 5534) and the Consumer Information Notification Requirement Act (H.R. 6743).
H.R. 5534 would require the Bureau of Consumer Financial Protection to standardize the process of providing guidance that can be relied upon by industry.
H.R. 6743, introduced last week, would update Gramm-Leach-Bliley Act (GLBA) notification requirements for credit unions and other financial institutions.
“We thank the committee for their support of these bills, both of which would improve credit union service to members. Clarity for bureau guidance is essential for the financial services marketplace, and the need for data security legislation grows each day,” said CUNA President/CEO Jim Nussle. “We look forward to working with Congress moving forward on these issues, particularly on additional data breach legislation to hold merchants to the same data security requirements as financial institutions.”
H.R. 5534 passed with a 38-14 vote and H.R. 6743 with a 32-20 vote.