CUNA affirms consumer impact on two bills up for HFSC markup

FOR IMMEDIATE RELEASE        

  CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop 

Washington, D.C. (September 12, 2018) – The House Financial Services Committee will markup two important measures tomorrow. Credit Union National Association (CUNA) sent a letter to Chairman Hensarling and Ranking Member Waters to prompt consideration of how these policies impact America’s credit unions.  

H.R. 5534, the Give Useful Information to Define Effective Compliance Act, would alleviate uncertainty by requiring the Bureau of Consumer Financial Protection (BCFP) to standardize the process of providing guidance that can be relied upon by industry. CUNA supports the bill as it would clearly define guidance and implement clear and realistic time frames for providing answers in response to requests for guidance. 

H.R. 6743, Consumer Information Notification Requirement Act, would update Gramm-Leach-Bliley Act (GLBA) notification requirements for credit unions and other financial institutions. CUNA believes this is a step in the right direction but further urges Congress to consider legislation containing other principles it believes must be part of data breach legislation, to hold “merchants to the same standards as financial institutions and gives the Federal Trade Commission and state attorneys general the authority to enforce this standard.” 

Read CUNA’s letter in full here.  

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About CUNA    
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.