WASHINGTON— The Improving Cybersecurity of Credit Unions Act, which would give NCUA additional authority to examine credit unions’ third-party vendors, has been introduced in the Senate.
Separately, the Indiana league has issued a statement following the death of an Indiana congresswoman.
The Senate legislation was introduced by Sens. Jon Ossoff (D-GA), Cynthia Lummis (R-WY) and Mark Warner (D-VA) and follows similar legislation that has already been passed by a House committee.
Similar to the opposition credit unions have expressed the House version of the bill, the CU trade groups are also pushing back in the Senate.
NAFCU noted, for instance, that Vice President of Legislative Affairs Brad Thaler recently wrote to Congress on the issue, stating there are tools already in place for the agency to get access to information about vendors, and arguing that the agency's time and resources are "better focused on reducing regulatory burden by coordinating efforts among the financial regulators."
The association said it believes the NCUA should instead focus on where their expertise lies – regulating credit unions – and working with the Federal Financial Institutions Examination Council to gain information on vendors already vetted by federal regulators.
All three members of the NCUA board have repeatedly called for having such oversight authority.
Response to Death of Congresswoman
Meanwhile, the Indiana league has issued a statement following the death of Indiana Rep. Jackie Walorski, who along with two staffers was killed in a car accident.
The accident occurred in Elkhart County, Ind. when an approaching vehicle travelled left of center and struck the congresswoman’s SUV head-on.
Walorski, 58, represented Indiana's 2nd Congressional District and had previously served as a member of the Indiana House of Representatives. She began serving in Congress in 2013.
The congresswoman served as the top Republican on the House Ethics Committee, a spot that put her in line to become chair of the panel if the GOP retakes the House majority in the upcoming midterm elections
“Indiana’s credit unions are deeply saddened by the news of Congresswoman Jackie Walorski’s tragic death in a vehicle accident,” said Indiana league President John McKenzie. “Jackie was a tremendous leader and a wonderful person. She worked tirelessly to represent the people in her district and was a staunch supporter of credit unions. A true friend to credit unions, she enthusiastically met with us every opportunity she had whether in Washington, D.C., or at home.
“She was a close friend of some Indiana credit union CEOs. Jackie was one of a kind and we are going to miss her,” McKenzie continued. “Our hearts and prayers go out to her family and friends and also to the families of Zachery Potts and Emma Thompson who worked so hard to serve the people in Jackie’s district.”
A 'Champion' for CUs
“Rep. Walorski was a champion for the credit union difference since her time in the Indiana House of Representatives and remained a friend throughout her time in the U.S. Congress, including her sponsorship of the Credit Union Board Modernization Act.” said CUNA President/CEO Jim Nussle. “We are also sad to learn that two of her staff members have also passed away. Our thoughts go out to their respective families, friends, and colleagues in the wake of this terrible tragedy.”