America’s Credit Unions Chief Advocacy Officer Carrie Hunt and Senior Vice President of Advocacy Greg Mesack Thursday met with the Treasury Department’s Deputy Assistant Secretary for Financial Institutions Jeanette Quick and several members of the Office of Financial Institutions team to discuss several credit union priorities.
Hunt and Mesack briefed Treasury staff on the state of the credit union industry and covered several topics including credit union efforts to reach more underserved communities and bring the unbanked into regulated insured depositories, as well as ways to increase access to liquidity for credit unions.
The group reviewed a cyber incident reporting rule released by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) that would require federal credit unions to submit cyber incident reports within 72 hours after the covered entity reasonably believes the covered cyber incident occurred. For credit unions, the NCUA’s current cyber incident notification standard requires notice of a cyber incident within the same timeframe.
America’s Credit Unions’ legacy organizations filed comments to CISA in response to this topic in 2022 and the organization will advocate to ensure credit unions are able to utilize regulatory exceptions designed to prevent duplicative reporting regimes.
Hunt and Mesack also detailed the industry’s concerns with stablecoins, reiterating the need for a clear regulatory framework for cryptocurrency and other financial technologies to support innovation and adoption while reducing risks. In addition, they touted credit unions’ work to promote financial literacy and inclusion in the communities they serve.
America’s Credit Unions will continue to engage Treasury on these topics to advocate on behalf of the industry.
