CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Bill would enhance federal regulators’ cybersecurity programs
Policy & Issues

Bill would enhance federal regulators’ cybersecurity programs

October 29, 2019

Protecting Americans’ financial and other personal information no matter what entity possesses it is of utmost importance to credit unions, CUNA wrote to House Financial Services Committee leadership Tuesday. The committee conducted a markup of several bill starting Tuesday, including the CUNA-supported Cybersecurity and Financial System Resilience Act (H.R. 4458).

“America’s credit unions support efforts to ensure that the entire financial services sector has proper cyber safeguards in place and this effort should extend to the sectors’ regulators,” the letter reads. “H.R. 4458 would require the sectors’ regulators to each issue an annual report to Congress describing measures the respective agency has taken to strengthen cybersecurity with respect to its functions as a regulator, including the supervision and regulation of financial institutions and, where applicable, third-party service providers.”

The Federal Information Security Modernization Act (FISMA) requires regulators to develop, document and implement an agency-wide program to provide information security for systems that support the operations and assets of the agency.

H.R. 4458 would enhance FISMA through reporting requirements while also requiring the regulators to ensure robust oversight of their regulated entities, which is already a primary duty of the regulators.

“The regulators should be given wide latitude to decide the information reported publicly on the status of their regulated entities. Any information that details cyber vulnerabilities at financial institutions should not be reported publicly as it could harm the sector as bad actors could use reports as a roadmap for future attacks,” the letter reads. “Furthermore, the regulators should coordinate publicly reporting their regulated financial institutions for the same reason.

The letter also commends NCUA Chairman Rodney Hood for his recent appointment of a special advisor for cybersecurity at the agency.

“We believe this is a critical step to ensure the agency stays focused on important cyber issues. We appreciate that NCUA has taken proactive efforts to work to secure the cyber security framework for credit unions and their members,” the letter reads.

Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • NCUA proposes raising threshold for ‘complex’ CUs

  • 5 fraud predictions for 2021

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors