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As Congress finishes up its last few weeks of legislative business before year-end, NAFCU remains fully engaged as association-sought issues including data security and the National Flood Insurance Program (NFIP) receive attention.

Under new legislation introduced in the Senate, the Small Business Credit Protection Act, credit bureaus that suffer a data breach would have to inform small businesses within 30 days of the incident. The draft bill, introduced by Sens. John Kennedy, R-La., and Marco Rubio, R-Fla., would also bar breached credit bureaus from charging small businesses for a credit report within 180 days of the breach.

NAFCU has stressed that the credit bureaus should be examined for data security compliance and held accountable when negligent in the U.S. In conjunction with a credit bureau hearing in July, NAFCU wrote Senate Banking Committee leaders in support of "a strong, robust and secure credit bureau system." And, in the wake of the data breach at Equifax, the association stressed that the credit bureaus should be examined for data security compliance and held accountable when negligent.

NAFCU is engaged on another bill making its way through Congress that would require data breach notifications for financial entities – including the credit bureaus – akin to what is in place for financial institutions under the Gramm-Leach-Bliley Act.

The association has been active with lawmakers since the massive 2013 Target data breach stressing the need for a legislative solution to reform the nation's data security system. NAFCU has also shared with Congress principles credit unions would like to see addressed in any comprehensive cyber and data security legislation.

Another bill, led by Kennedy and co-sponsored by Rubio and Sens. Bill Cassidy, R-La., and Robert Menendez, D-N.J., would reauthorize the NFIP before it expires Nov. 30. This bill is a clean, standalone extension bill that would keep the program intact through the end of May.

Another potential vehicle to extend the program is government funding legislation that needs to pass by Dec. 7 to avoid a government shutdown. A part of the government funding that still needs congressional approval is the financial services and general government (FSGG) appropriations measure. NAFCU has heavily advocated for full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF) and Treasury's Community Development Financial Institutions (CDFI) Fund, which is included in the Senate-passed version of the bill. Both Senate- and House-passed bills include full funding for the Small Business Administration's (SBA) 7(a) and 504 loan programs, which are used by credit unions.