House prepares to consider CUNA-backed MDI, cybersecurity bills

January 15, 2020

CUNA wrote House leadership this week in support of two bills that are expected to be considered on the House floor in the coming days, the Expanding Opportunities for Minority Depository Institutions Act (H.R. 5315) and the Cybersecurity and Financial System Resilience Act (H.R. 4458).

H.R. 5315 would codify the Treasury Department’s mentor protégé program to encourage collaboration between Minority Depository Institutions and large financial institutions.

“MDI credit unions represent and important way in which credit unions are fulfilling their mission by advancing financial inclusion and well-being for minority and underserved communities,” wrote CUNA President/CEO Jim Nussle. “Today, MDI credit unions represent approximately 10% of all credit unions and serve approximately 3.9 million members (representing 3% fo all credit union members…[the Treasury’s mentor protégé program] represents a valuable resource for MDI credit unions because it offers an opportunity to bolster their sustainability.”

H.R. 4458 would require federal regulators to each issue an annual report to Congress describing measures it has taken to strengthen cybersecurity.

”CUNA supports H.R. 4458, which would ensure the entire financial services sector has proper safeguards in place, and this effort should extend to the sectors’ regulators,” Nussle wrote.

Both bills passed the House Financial Services Committee with strong bipartisan support.