House Financial Services Committee passes two CU priority bills

On Wednesday, two of our priority bills in the House Financial Services Committee passed with strong votes. H.R. 2205, the Data Security Act, passed the Committee by a vote of 46-9. This bill would create a single data security standard for all entities that handle sensitive consumer data, as well as create a data breach notification standard. In addition, H.R. 2287, the NCUA Budget Transparency Act, passed by a vote of 40-16. This bill, which is sponsored by Congresswoman Kyrsten Sinema (D-AZ), would mandate that hearings and a comment period in advance of the agency approving a budget. Also noteworthy is that three of our four Congressional members that serve on the committee voted for both bills, these include: Representatives Sinema, David Schweikert (R-AZ) and Scott Tipton (R-CO). Rep. Ed Perlmutter (D-CO) was absent for the vote. Both bills now move to the House floor for votes.