MAY 1, 2015
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Take action Send a Message of Support to U.S. Senators on Data Breach Bill
(Issue 1 of 4)

Credit unions are urged to support a U.S. Senate bill that would strengthen security against data breaches, which have cost the industry millions of dollars in recent years.

 
     
  Rep. Lynn Westmoreland Introduces Exam Fairness Bill
(Issue 2 of 4)

A U.S. Representative from Georgia has introduced legislation that would reform federal examinations of financial institutions; the bill has drawn support from CUNA and from at least one other member of Congress from the state.

 
  Georgians in the Driver's Seat for Payments Study
(Issue 3 of 4)

U.S. Sen. Johnny Isakson of Georgia has been named co-chair of a newly formed Senate group that will explore new technologies in the payments industry and address issues such as data security and consumer protection.

 
  It's What We Do! (Issue 4 of 4)
There's still time to register for and attend the 2015 Georgia Credit Union Affiliates Annual Convention, scheduled to begin May 13 in Savannah. This year's theme is "It's What We Do!"

 
 
 
Data breachesSend a Message of Support to U.S. Senators on Data Breach Bill
(Issue 1 of 4)

Credit unions are engaging in the national call to action to contact members of the U.S. Senate to support the Data Security Act of 2015 (S. 961). Introduced on April 15th, S. 961 would strengthen merchant data security standards comparable to those of credit unions, and mandate a federal notification requirement for merchants when breaches occur. The bill provides a floor for data security standards nationwide, and would exclude financial institutions from the requirements as they are already subject to rigorous standards under the Gramm-Leach-Bliley Act.

Nationwide, credit unions have spent more than $90 million in the wake of just two data breaches (Target and Home Depot). While a few breaches have made headlines in recent months, it is estimated that more than 1,500 data breaches occurred just in 2014, exposing more than one billion data records. More information on the impact of data breaches can be found at StoptheDataBreaches.com. Send a message to your Senators today.

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Westmoreland
U.S. Rep.
Lynn Westmoreland
Rep. Lynn Westmoreland Introduces Exam Fairness Bill
(Issue 2 of 4)

On April 22nd Georgia Congressman Lynn Westmoreland (R-3) introduced a bill that would reform federal examinations of financial institutions. CUNA President/CEO Jim Nussle sent a letter on April 28th to both him and Rep. Carolyn Maloney (D-NY) who are the sponsors of the Financial Institution Examination Fairness and Reform Act (H.R. 1941) applauding the bill and urging for its passage. As of press time, other Georgia congressmen who have signed onto the bill include Rep. David Scott (D-13).

The bill seeks to: 

  • Direct federal regulatory agencies to provide a final examination report to a financial institution no later than 60 days after the exit interview; 
  • Place limited portions of the guidance by the Federal Financial Institutions Examinations Council (FFIEC) on the real estate workouts into statute; and
  • Establish an independent examination review director at the FFIEC to provide financial institutions with a new avenue to appeal a material supervisory determination.





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U.S. CapitolGeorgians in the Driver's Seat for Payments Study
(Issue 3 of 4)

On April 13th U.S. Senators Johnny Isakson (R-GA), Gary Peters (D-MI), Mike Rounds (R-SD), and Tom Carper (D-DE) announced the formation of the Senate Payments Innovation Caucus. Isakson will co-chair the caucus, which will explore new and innovative technologies in the payments industry and address issues concerning data security, consumer protection and electronic payments. In the release, Isakson highlighted a strong connection for Georgia to this issue: “More than 70 percent of all card transactions processed in the United States are handled by companies headquartered or having significant operations in Georgia, along with prepaid card programs used by consumers throughout the global marketplace.”

In the House two Georgia Representatives helped form a similar caucus shortly after the GAC hill visits when credit unions spoke on the significant burden of data breaches: Reps. Lynn Westmoreland (R-GA), David Scott, (D-GA), Randy Neugebauer (R- TX), and Kyrsten Sinema (D-AZ) have formed the Congressional Payments Technology Caucus in the House of Representatives. The mission of the CPTC is to explore the new and innovative technologies in the payments industry, as well as answer questions about data security and unbanked users’ access to electronic payments.

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GCUA Annual Convention 2015It'’s What We Do! (Issue 4 of 4)

The 2015 GCUA Annual Convention is right around the corner, with events and meetings starting as of May 13th. This year’s meeting theme, "It's What We Do!" embodies what credit unions do each day to help their members afford life, and is echoed throughout the event with sessions tailored for credit union leaders, boards of directors and emerging leaders at credit unions who want to see their organizations succeed now and into the future. Don’t miss your chance to join in the event, gather ideas and connect with others in the industry; click here for more information and to register.

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