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MD|DC LEGISLATIVE UPDATE September 14, 2018
Association Advocates for Data Breach  Accountability Standards at State Commission Hearing


MD|DC Credit Union Association CEO John Bratsakis and APGFCU VP of Compliance/Chief Compliance Officer Lisa Martin, testified before the Maryland Consumer Financial Protection Commission on Wednesday.

They presented information on the impact of data breaches on consumers and credit unions and urged Commission members to consider holding all members of the marketplace accountable to the same security standards. Credit unions and other financial institutions already comply with strict security standards under the Gramm-Leach-Bliley Act.

On the federal level, House Bill 6743 was passed out of the House Financial Services Committee on Thursday and would create a national data breach notification requirement for financial institutions. The credit union system considers this a step in the right direction but would like to see data breach requirements for everyone who handles sensitive consumer information.  
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Greetings,

It looks like our area will be spared the worst of Hurricane Florence, but the Carolinas, Virginia and potentially Georgia will be impacted. CUAid has been activated by the Credit Union National Foundation to help credit unions affected by the disaster. Donations can be made online here.

Maryland Update
Campaign season is in high gear.  Candidates for Maryland governor have agreed to just one, one-hour debate on Monday, September 24 at 7 p.m. It will be hosted and broadcast on MPT as well as WJLA and WBAL. While the campaign for Democrat Ben Jealous has yet to air any television ads, Governor Larry Hogan's campaign has been airing ads and just rolled out a new website featuring a Jeopardy-style game show to tally the cost of his opponent's policy proposals.
 
Maryland 6th Congressional District candidate, businessman David Trone, is recovering from cancer surgery and vows to return to the campaign trail in a few weeks. Trone revealed last month that he was diagnosed with cancer the day before the June 26 primary.
 
The Association continues to advocate for data breach accountability standards. CEO John Bratsakis and APGFCU VP of Compliance/Chief Compliance Officer Lisa Martin testified before the Maryland Consumer Financial Protection Commission earlier this week. MD|DC CUA will continue to work with the Commission on a solution.

DC Update
The Association met with DC Council Chairman Phil Mendelson last week to discuss foreclosure issues, public banking and senior financial exploitation. He expressed a willingness to work with credit unions on these issues. We also met with Councilmember Vincent Gray's legislative director.
 
We continue to engage with the DC Department of Insurance, Securities and Banking (DISB), most recently participating in a focus group as part of a feasibility study on establishing a public bank in the District. The report is due September 30 and is expected to rule out a public bank as a feasible solution. We have an upcoming meeting with DISB to discuss how credit unions can work with the city to benefit the financial health of the community.

Please join us on Thursday, October 4 to engage directly with members of the Maryland and DC delegations during our Climb the Capitol event. Please RSVP to our Director of Legislative Affairs, Rory Murray at [email protected] or 443.325.0775.

Have a wonderful weekend - stay safe and dry!

John Bratsakis
President/CEO