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Cornerstone CUs Lobby for Data Security and CFPB Exemption
Monday, June 20, 2016 7:00 AM

Hike the Hill group
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Following a very busy day focused on meetings with regulatory agencies, Cornerstone Credit Union representatives spent the day visiting with legislators, or "Hiking the Hill."

This year credit unions were focused on acquiring additional co-sponsors for two key bills: HR 3048, the Community Financial institution Exemption Act by Roger Williams (R-TX), and HR 2205, The Data Security Act of 2015 by Randy Neugebauer (R-TX).

HR 3048 would exempt credit unions and community banks under $10 billion in assets from future rules of the Consumer Financial Protection Bureau unless the bureau can show cause that a majority of financial institutions are engaged in an abusive practice. HR 2205 would create a strong national data security standard and hold merchants accountable for protecting consumer data.

Visiting credit unions provided information about the impact of data breaches on their operations and their members. They also discussed in detail concerns about the CFPB's new payday lending rule and how it has the potential to disrupt the programs and services already in place, which are designed to help their members.

"Continued engagement by credit unions in activities such as Hike the Hill is critical to advancing our legislative agenda," said Dick Ensweiler, president and CEO of the Cornerstone Credit Union League. "We must continue to tell our story to regulators and lawmakers so they understand the unintended consequences that can impact our members and their constituents."

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