CUNA backs guidance clarity, data security bills prior to markup

September 12, 2018

CUNA wrote to House Financial Services Committee leadership Wednesday in support of two bills it is expected to mark up the following day. 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.

“CUNA supports this legislation which would create a more transparent and effective Bureau while simultaneously protecting to consumers,” wrote CUNA President/CEO Jim Nussle.

H.R. 6743, introduced last week, would update Gramm-Leach-Bliley Act (GLBA) notification requirements for credit unions and other financial institutions.

“We look forward to working with Congress to do more on this important issue,” Nussle wrote. “In addition to this legislation, we urge Congress to consider legislation that holds merchants to the same standards as financial institutions and gives the Federal Trade Commission and state attorneys general the authority to enforce this standard.”

CUNA wrote letters of support Tuesday to the bills’ sponsors, Reps. Sean Duffy (R-Wis.) and Ed Perlmutter (D-Colo.) for H.R. 5534; and Rep. Blaine Luetkemeyer (R-Mo.) for H.R. 6743.

CUNA also signed into a joint letter of support for H.R. 6743 with other financial trade organizations.