WASHINGTON—House Financial Services Committee Chairman Jeb Hensarling (R-TX) Thursday scheduled a mark-up for Dec. 8 on legislation to strengthen the protection of consumers’ financial data and a bill that would require more budget transparency at NCUA.
“I appreciate Chairman Jeb Hensarling’s (R-TX) commitment to data security and ensuring that all entities holding consumers’ personal financial data are held to the same standards credit unions are already accountable to,” said NAFCU President and CEO Dan Berger on the scheduled mark-up for the Data Security Act of 2015. “I also thank him for his attention to the budgeting process of NCUA and the importance of making that process more transparent to credit unions.”
Under H.R. 2205, retailers would be held responsible for implementing security measures to protect consumer data. Introduced by Randy Neugebauer (R-TX) and John Carney (D-DE), H.R. 2205, would establish uniform national standards for protecting consumer payment and personal information while recognizing credit unions’ compliance with the Gramm-Leach-Bliley Act. A companion measure, S. 961, was introduced by Sens. Tom Carper (D-DE) and Roy Blunt (R-MO).
Also on the agenda for Tuesday’s mark-up is H.R. 2287, the National Credit Union Administration Budget Transparency Act. Introduced by Mick Mulvaney (R-S.C)., and Kyrsten Sinema (D-AZ.), the measure would require NCUA to publish a draft of its budget in the Federal Register and hold a public hearing to garner comments from the public.
“Sincere thanks go also to Representatives Randy Neugebauer, John Carney, Mick Mulvaney and Kyrsten Sinema for their leadership and effort in putting forth these important bills,” Berger added about the NAFCU-supported legislation.