U.S. House to Consider CUNA-backed MDI and Cybersecurity Bills

(From CUNA News) – CUNA wrote House leadership this week in support of two bills that are expected to be considered on the House floor in the coming days, the Expanding Opportunities for Minority Depository Institutions Act (H.R. 5315) and the Cybersecurity and Financial System Resilience Act (H.R. 4458).

H.R. 5315 would codify the Treasury Department’s mentor protégé program to encourage collaboration between Minority Depository Institutions and large financial institutions.

H.R. 4458 would require federal regulators to issue an annual report to Congress describing measures it has taken to strengthen cybersecurity.

”CUNA supports H.R. 4458, which would ensure the entire financial services sector has proper safeguards in place, and this effort should extend to the sectors’ regulators,” Nussle wrote.

Both bills passed the House Financial Services Committee with strong bipartisan support.