Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Cybersecurity bill stalls out in Senate
WASHINGTON (8/3/12)--The Cybersecurity Act of 2012 (S. 3414) Thursday did not get the votes it needed in the U.S. Senate to move the bill on its way to a final vote.

Sixty votes were necessary for lawmakers to invoke "cloture," a parliamentary procedure that means to close debate on a bill and move it to a vote.

A total of 52 senators agreed to hold a vote, while 46 opposed moving the bill forward.

S. 3414 would have established voluntary information protection standards for government agencies, utilities, and other public and private entities. The bill would also establish a National Cybersecurity Council, which would include appointed representatives from the Department of Commerce, Department of Defense, Department of Justice, the intelligence community, and various "sector-specific" federal agencies.

Congress is set to adjourn today for the traditional August recess and lawmakers are scheduled to return in early September. The bill could be brought up for a vote again once Congress returns.

The Credit Union National Association (CUNA) monitored the bill's progress, noting that some voluntary security standards could eventually become mandatory, thus imposing a new burden on financial institutions.

CUNA has repeatedly said that the data security standards followed by credit unions and other financial institutions are strong, and it remains committed to ensuring that any data security measure passed by Congress does not negatively impact credit unions.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
7 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
9 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
9 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
9 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
11 hours ago