Credit unions continue to see good news from Capitol Hill as two bills were passed by the House Financial Services Committee on Wednesday that were supported by the industry. H.R. 2287, the NCUA Budget Transparency Act, and H.R. 2205, the Data Security Act, passed the House committee easily. Credit unions supported each for different reasons.
The NCUA Budget Transparency Act would require the agency to hold hearings and ask for comments during its budget process. The Data Security Act would create a single data security standard for all entities that handle sensitive consumer information. The bill would also allow card issuers to disclose and identify to members or customers the details of a data breach, which would deflect reputational risk to financial institutions for breaches that occur through retailers’ systems.
Both bills will now move to the full House.