|Target Breach - Credit Union Input Needed (1 of 6)
Congress is being asked by member legislators (see related article below) and CUNA to examine the Target card breach, which compromised as many as 70 million debit and credit cards. In addition, credit unions are asked to respond to a short survey to determine the cost and impact of the Target breach. The data collected in this 14-item survey will be extremely valuable as this issue is discussed with legislators, regulators, the media and potentially the courts. This effort is necessary to minimize potential costs of the Target data breach, and to protect credit unions from harm from future data breaches.
When hearings take place, the information gathered from the survey will be important in demonstrating the impact of the Target event on credit unions and members. All affected credit unions are strongly encouraged to respond; to take the survey please click here. Credit unions may complete the survey anonymously, but are asked to include the charter number so information from 5300 Call Reports can be incorporated.
|Senators Push for Consumer Data Security Hearing (2 of 6)
Senate Banking Committee members Sen. Mark Warner (D-VA) and Sen. Robert Menendez (D-NJ) are looking to hold a hearing on consumer data security in the early-2014 committee schedule. The senators wrote to Committee Chairman Tim Johnson (D-SD) and ranking member Sen. Mike Crapo (R-ID) requesting an examination of "whether market participants are taking all appropriate actions to safeguard consumer data and protect against fraud, identity theft, and other harmful consequences, and whether we need stronger industry-wide cyber security standards."
|Congress Resumes; House Financial Services Committee Back to Work (3 of 6)
Congress resumed on January 6th, and the House Financial Services Committee wasted no time getting back to work. The Federal Reserve's current quantitative easing program, the Dodd-Frank Act's Qualified Mortgage (QM) rule and the Volcker Rule are all among the items on the early-year House Financial Services Committee agenda. Quantitative easing's impact on international finance was discussed on January 9th at the monetary policy and trade subcommittee hearing, and other hearings include:
|Senate Confirms Yellen as Next Leader of Federal Reserve (4 of 6)
The Senate confirmed Janet Yellen on Monday, January 6th as the next leader of the Federal Reserve, placing her in charge of ensuring the nation’s economy makes a full recovery. Her nomination easily passed the chamber by a vote of 56-26 on its first day back in session after winter recess, making Yellen the first female chair of the Federal Reserve in the central bank's history.
Eleven Republicans, including Georgia’s Sen. Saxby Chambliss, joined Democrats present in voting to confirm Yellen, who will face more scrutiny than perhaps any central bank leader in history when she formally takes the reins this month from the retiring Ben Bernanke. Yellen will be in control of an institution that has just begun unwinding years’ worth of unprecedented stimulus into the economy, while seeing its regulatory workload explode under the Dodd-Frank financial reform law.
|State Legislative Session Begins January 13th (5 of 6)
On Monday, January 13th the state legislative session resumes for the second half of a two-year cycle, and is predicted to be one of the fastest of recent history. The pace of this session will create an environment where existing relationships with legislators will be all-important, as legislative issues will be addressed quickly (and likely behind closed doors outside of the normal committee process). This is where all the grassroots activity by credit union leaders in building legislative relationships pays off and protects the industry (see related article below for the 2013 activity).
What are some of the bill attempts anticipated? While there will be multiple issues in the 2014 session of credit union interest, the following are anticipated:
To read more on the legislative issues of interest to credit unions and the members they serve, please click here for the pre-session kickoff of Legislative Update. You can follow the activity at the state Capitol on Twitter, and access the bills monitored on behalf of credit unions here.
Want an even closer perspective on the state Legislature? Join your colleagues at the Grassroots Academy on Tuesday, January 28th. Click here for registration information and details.
|Year In Review: Georgia Credit Union Advocacy (6 of 6)
Georgia credit unions leaders create legislative and regulatory influence to promote and protect the industry through engaging in advocacy. In 2013, opportunities to connect credit union advocates with advocacy efforts were significant: