Credit unions echo data security issue; call for clear guidance from BCFP
September 11, 2018
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (September 11,2018) – Today Credit Union National Association (CUNA) sent letters to the House of Representatives.
- The Consumer Information Notification Requirement Act (H.R. 6743): Rep. Luetkemeyer’s data security bill would update notification requirements for credit unions and other financial entities. This national notification standard creates a system that will ensure consumers are treated consistently regardless of their state residence and laws. Credit unions support this legislation as a good first step in the right direction, and further urge Congress to consider legislation that holds merchants to the same standards as financial institutions. Read the full letter here.
- Give Useful Information to Define Effective Compliance Act (H.R. 5534): Credit unions are frustrated with the sluggish issuance of guidance from the Bureau of Consumer Financial Protection (BCFP). The “GUIDE” Compliance Act would alleviate ambiguity in the industry by requiring the Bureau to standardize the process of providing guidance that can be relied upon. The bill would implement a clear, realistic response time for guidance requests. Read the full letter here.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.