NAFCU opposes 3rd-party exam amendment for CISA

first_imgNAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt urged Senate leaders on Wednesday to oppose an amendment filed by Sen. Elizabeth Warren, D-Mass., for the “Cybersecurity Information Sharing Act” to give NCUA authority to regulate vendors serving credit unions.In her letter, Hunt noted that giving NCUA authority to regulate and examine service providers would not only be unnecessary but costly to credit unions, whose resources would fund the expansion.“We believe that the agency already has the tools that it needs to address concerns with vendors,” Hunt wrote. “The key to success with appropriate management of vendors is due diligence on behalf of the credit union. NAFCU supports credit unions being able to do this due diligence, and NCUA already offers due diligence guidance to credit unions. Giving NCUA additional authority will require the agency to develop an additional outlay of agency resources, which will in turn necessitate higher costs to credit unions.”NAFCU is working in support of S. 754, known as CISA, to secure greater security for financial data through business/government sharing of cyber-threat information. The NAFCU-backed bill was offered by Sen. Richard Burr, R-N.C., and Dianne Feinstein, D-Calif.,  to help the nation defend against cyber-attacks through quicker, more efficient sharing of cyber-threat information between two sectors. continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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