After FOM, NIST framework, 'Holder Rule' comments due next

February 2, 2016

WASHINGTON (2/2/16)-Along with the National Credit Union Administration's (NCUA) field-of-membership proposal, comments on cybersecurity and consumer claims rules top the list of comment deadlines in February. The Credit Union National Association (CUNA) strongly supports the proposed improvements and urges credit unions to comment by the Feb. 8 deadline.

The NCUA proposal would modernize credit union membership rules and help more consumers gain access to credit union membership. Strong comment letters supporting the proposal are especially encouraged in light of recent inaccurate attacks from the banking industry.

CUNA has prepared a comment letter guide, as well as a detailed summary of the proposal to assist with comment letters. CUNA's Chief Advocacy Officer Ryan Donovan goes deeper on the proposal in this week's advocacy video.

Other comment deadlines this month are:

  • Feb. 9: National Institute of Standards and Technology (NIST) updates to the cybersecurity framework. NIST seeks information about ways in which the framework is being used to improve cybersecurity risk management, how best practices are being shared, the relative value of different parts of the framework, the possible need for an update and options for the long-term governance of the framework; and
  • Feb. 12: Federal Trade Commission seeks comments on the efficiency, costs, benefits and impact of the Holder Rule, which concerns preservation of consumers’ claims and defenses. CUNA is asking credit unions for comments about how the Holder Rule impacts operations and what changes could be made to relieve those regulatory burdens.