Year end snapshot: State and federal credit union priorities
Published by: Jared Weiser
November 30, 2022 | Political Action, Regulatory
Just like your credit union, the League is hard at work ensuring a successful year end and is focused on promoting and protecting credit union interests at the Statehouse and in Congress. Here are the League’s top issues as legislators wrap up their sessions:
House Bill 116, the Ohio Computer Crimes Act, would close a legal loophole that bad actors can exploit to access sensitive data and information without penalty. By creating criminal penalties and providing civil restitution recourse, your credit union and its members are better protected from attempted and identifiable breaches.
H.R. 6889, the Credit Union Board Modernization Act, modernizes federally chartered credit union board meeting frequency requirements to no less than six times per year. Introduced by Ohio Congressman Anthony Gonzalez (R-Rocky River), the bill would provide credit union boards with the flexibility to adopt reasonable governance practices that best meet membership obligations.
S. 4698, the Improving Cybersecurity of Credit Unions Act, would grant the NCUA broad and direct third-party examination authority, including over CUSOs and other consumer-facing vendors connected to credit union service offerings. The legislation’s overly broad language could add significant compliance requirements and costs for credit unions. The League believes the National Credit Union Administration (NCUA) should provide a more detailed plan and cost projection surrounding third-party vendor authority before Congress enacts this new authority.
Things can move quickly during the legislative process, especially at year end. Activate your credit union through VoterVoice so federal and state decision-makers know how their policymaking impacts your ability to serve members. Receive alerts, learn more about pending credit union priorities, and make your voice heard at key times during the legislative calendar.
Contact Jared Weiser for questions or assistance.