WASHINGTON—The Senate Appropriations Committee last week unanimously passed its financial services and general government (FSGG) bill.
The bill would create a new account called the Cybersecurity Enhancement Account, for which the committee recommended $47,743,000.
The initiative is designed to “bolster the Treasury’s cybersecurity posture and mitigate threats to the U.S. financial infrastructure," reported CUNA, adding that the account would also aim to:
- Improve identification of cyber threats and better protect information systems from attack.
- Provide a platform to enhance efficient communication, collaboration and transparency around the common goal of improving the cybersecurity of the Treasury as well as the nation’s financial sector.
CUNA explained that the bill funds NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million. The fund provides grants and loans to low-income designated credit unions.
The bill also funds the Treasury’s Community Development Financial Institutions Fund at $234 million, $500,000 more than fiscal year 2016 and $16 million less than the FSGG bill passed recently by the House Appropriations Committee, said CUNA, which added that an amendment was adopted from Sen. Jeff Merkley (D-OR) that would prohibit funds from being used to penalize financial institutions that provide financial services to certain persons in states and jurisdictions where marijuana is legal.