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CUNA other trades jointly back cyber-security reforms
WASHINGTON (4/26/12)--The financial services industry is committed to ensuring national cyber-security standards remain strong, and the Credit Union National Association (CUNA) has joined with the Electronic Funds Transfer Association (EFTA) and other groups to urge members of the U.S. Congress to support legislation that is designed to further protect national security in cyberspace.

The letter, which was sent to Speaker of the House John Boehner (R-Ohio), Minority Leader Nancy Pelosi (D-Calif.,) and all other members of the House of Representatives, noted that the financial services industry has been a leader in defending against cyber attacks, and continuously adopts new technologies and techniques to protect against existing and emerging cyber threats. However, the ever-growing scope, organization and sophistication of those engaging in cyber attacks requires the  government and the private sector to work even harder and more effectively cooperate and share cyber threat information, the letter adds.

A group of cyber-security bills that aim to address cyber attacks and other online security issues are scheduled to be brought to the U.S. House floor this week.

The Cyber Intelligence Sharing and Protection Act (H.R. 3523) is among those bills. H.R. 3523 would task the Office of the Director of National Intelligence with developing cyberthreat information sharing guidelines between public- and private-sector organizations. The bill would also provide privacy protections for consumers by limiting the inclusion of consumer data in shared threat information.

The other bills are:

  • The Advancing America's Networking and Information Technology Research and Development Act (H.R. 3834), which would provide funding for government research and development of next generation security controls;
  • The Cybersecurity Enhancement Act of 2011 (H.R. 2096), which would increase public awareness of online security issues and establish programs to increase the federal cyber work force; and
  • The Federal Information Security Amendments Act (H.R. 4257), which would update the federal framework for protecting their information technology systems.
The Financial Services Roundtable, NACHA – The Electronic Payments Association, the Financial Services Information Sharing and Analysis Center, The Clearing House, the American Financial Services Association, the National Association of Federal Credit Unions, the Consumer Bankers Association, The Independent Community Bankers of America, and the American Bankers Association joined CUNA and the EFTA in signing the letter.

For the full letter, use the resource link.


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