Cybersecurity, TILA-RESPA disclosure hearings scheduled this week in Congress

May 12, 2015

WASHINGTON (5/12/15)--CUNA will weigh in on several hearings of particular interest to credit unions that are taking place in the U.S. Congress this week. They include sessions to discuss regulatory relief and data security, two of CUNA’s top advocacy priorities.

The House Financial Services Committee will conduct its first data security hearing since the Target breach that occurred over the holiday season in 2013. It's titled “Protecting Consumers: Financial Data Security in the Age of Computer Hackers.”

CUNA, along with its coalition partners, will submit a letter for the record for this hearing, which is scheduled for Thursday starting at 10 a.m. (ET).

CUNA has been a leading advocacy voice urging that merchants must be more responsible when their security lapses lead to a breach that causes credit unions and other financial institutions to incur card replacement, fraud or other costs. CUNA estimates that the Target and Home Depot breaches alone have cost credit unions more than $90 million.

Also on the schedule for Thursday, the House Financial Services subcommittee on housing and insurance will conduct a hearing titled “Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process.”

The hearing will likely feature a discussion of the CUNA-backed bill H.R. 2213. Introduced by Reps. Steve Pearce (R-N.M.) and Brad Sherman (D-Calif.), the bill would provide a temporary delay in enforcement and a liability safe harbor period for the Consumer Financial Protection Bureau’s new mortgage disclosure rule.

CUNA will submit a letter for the record of the hearing.

Other hearings of note scheduled for this week include:

  • Wednesday, 9:30 a.m. (ET): House Financial Services subcommittee on oversight and investigations, “The Dodd-Frank Act and Regulatory Overreach.” According to the committee, the hearing will examine assumptions about the primary cause of the financial crisis, as well as the advisability of overhauling financial regulations, as the Dodd-Frank Act did, in the immediate wake of a financial crisis; and
  • Wednesday, 2 p.m. (ET): House Financial Services subcommittee on capital markets and government sponsored enterprises, “Legislative Proposals to Enhance Capital Formation and Reduce Regulatory Burdens, Part II.” The hearing will feature consideration of several pieces of legislation, including the Main Street Growth Act, Fair Access to Investment Research Act of 2015 and the Accelerating Access to Capital Act of 2015; and
  • Thursday, 10 a.m. (ET): Senate Foreign Relations subcommittee on East Asia, the Pacific and international cybersecurity policy, “Cybersecurity: Setting the Rules for Responsible Global Cyber Behavior.” Cybersecurity advocates and international policy experts will testify.