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NAFCU lobbyists will be closely monitoring Congress this week for legislative developments of note – including two hearings focused on cyber security issues – for any potential impact on credit unions and their members.

Tomorrow, the House Financial Services Subcommittee on Oversight and Investigations takes a look at global cybersecurity issues. The panel will be looking specifically at potential impact on the financial services sector.

Also on Tuesday, the House Oversight and Government Reform Committee holds a hearing on the violation of federal government employee data resulting from the hack into Office of Personnel Management records. This incident, discovered in April, is said to possibly affect the sensitive data of 4 million persons or more.

NAFCU has encouraged lawmakers to approach cyber and data security together to ensure individuals' personal and financial data are as safe as possible.

Also ahead are:

• A report Wednesday on the actions of the Financial Stability Oversight Council by Treasury Secretary Jack Lew before the House Financial Services Committee. NAFCU has recommended that FSOC-member agencies, which include the NCUA and the CFPB, to better coordinate their efforts.
• A mark-up Wednesday by the House Appropriations Committee on a 2016 appropriations package that covers, among other things, funding levels for the Community Development Revolving Loan Fund at NCUA and Treasury's Community Development Financial Institutions Fund.

Regarding appropriations, some key players have indicated this process could be used as a vehicle to provide regulatory relief for financial institutions. NAFCU has urged Congress for regulatory relief for credit unions, including greater NCUA budget transparency and relief from NCUA's risk-based capital proposal.