WASHINGTON–Two bills that have the support of credit unions have advanced in the House.
The House Financial Services Committee has voted in favor of the Give Useful Information to Define Effective (GUIDE) Compliance Act (H.R. 5534), and the Consumer Information Notification Requirement Act (H.R. 6743).
HR 5534 would require the Bureau of Consumer Financial Protection to standardize the process of providing guidance that can be relied upon by industry. H.R. 6743, introduced last week, would update Gramm-Leach-Bliley Act (GLBA) notification requirements for credit unions and other financial institutions.
“We thank the committee for their support of these bills, both of which would improve credit union service to members. Clarity for Bureau guidance is essential for the financial services marketplace, and the need for data security legislation grows each day,” said CUNA President/CEO Jim Nussle in a statement. “We look forward to working with Congress moving forward on these issues, particularly on additional data breach legislation to hold merchants to the same data security requirements as financial institutions.”