Cyber Security

Financial services groups urge support for cyber security bill

Cyber SecurityThe National Association of Federal Credit Unions joined 11 other groups on Monday urging the House to support a cybersecurity bill slated for mark-up today.

The letter was signed by NAFCU, the American Bankers Association, Clearing House, Consumer Bankers Association, Credit Union National Association, Electronic Funds Transfer Association, Financial Services, Financial Services Roundtable, Independent Community Bankers Association, Investment Company Institute, NACHA—The Electronic Payments Association; and the Securities Industry and Financial Markets Association.

“H.R. 3696 recognizes the necessary partnership between the private and public sectors that is required to better protect our Nation’s cybersecurity infrastructure,” the groups wrote. “Among other provisions, this bill would strengthen existing mechanisms such as the Financial Services Sector Coordinating Council and the Financial Services Information Sharing and Analysis Center that help our sector identify threats, respond to cyber incidents and coordinate with government partners.”

The Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies is slated to mark up H.R. 3696—introduced by Rep. Patrick Meehan (R-Penn.) and co-sponsored by Reps. Bennie G. Thompson (D-Miss.) and Yvette Clark (D-N.Y.)—which establishes the Department of Homeland Security as a central point of information-sharing between the government and private sector.

Additionally, the legislation would require federal agencies to make changes to specific infrastructure sectors, including financial services and communications, and to create sector coordinating councils that involve stakeholders from the private sector.

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