U.S. Sens. Jon Ossoff (D-GA), Mark Warner (D-VA), and Cynthia Lummis (R-WY) introduced legislation in the U.S. Senate this week that seeks to protect credit union members from cybersecurity threats.
The Improving Cybersecurity of Credit Unions Act, S. 4698, would authorize the National Credit Union Administration (NCUA) to assess cybersecurity risks posed by service providers and, if necessary, take action to protect credit union members. It mirrors the provisions in the Bank Service Company Act.
“Georgians should not have to fear that their identity or data could be stolen by hackers who target their bank or credit union,” Ossoff said. “This bipartisan bill will strengthen protections against hacking and identity theft. I thank Senators Lummis and Warner for joining me in this bipartisan effort.”
The Government Accountability Office, the Financial Stability Oversight Council, and the Inspector General of the NCUA have all requested the NCUA’s third-party vendor authority, according to the bill.
“Many people in Wyoming choose to keep their money or get a loan at their local credit union, and unfortunately, all too often, their sensitive information is targeted by cyber hackers,” Lummis said. “I’m proud to join my colleagues, Senators Ossoff and Warner, in introducing the Improving Cybersecurity of Credit Unions Act to help safeguard data at credit unions.”
In addition to protection against cybersecurity risks, it would also safeguard credit union members from privacy violations, and anti-money laundering concerns.
“Credit unions serve communities all across Virginia,” Warner said. “I’m proud to join Senator Ossoff and Senator Lummis in offering this bipartisan proposal to improve cybersecurity for credit union customers.”