Sen. Elizabeth Warren(D-MA) added an amendment to S. 754, the Cybersecurity Information Sharing Act, that would grant the NCUA additional authority to supervise third-party vendors. The League and CUNA oppose the amendment. CUNA sent a letter to Senate Majority Leader Mitch McConnell (R-SC) and Senate Minority Leader Harry Reid (D-NV) outlining the opposition. The League followed suit with Senate Banking Committee Chairman Richard Shelby (R-AL).
“Immediately upon the amendment’s filing, we contacted Sen. Shelby’s staff to voice our opposition to the amendment. All indications are the amendment is not likely to become part of a final bill, but it is still important that we remain vigilant should the need for grassroots action become necessary,” said LSCU & Affiliates President/CEO Patrick La Pine.
The bill currently has 94 amendments attached. The League and CUNA don’t believe that the NCUA currently has the capacity to supervise these entities and conveying this authority will require the agency to spend considerable credit union member resources to manage and implement this authority.