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Strengthening Credit Union Cybersecurity: New Oversight Powers

This act aims to enhance the financial security of citizens using credit unions. It restores the National Credit Union Administration's (NCUA) authority to examine third-party service providers for credit unions, protecting against cyber threats and fraud. This means your money and data at credit unions will be better safeguarded.
Key points
Increased security for your money: The NCUA will be able to examine third-party companies serving credit unions, reducing the risk of cyberattacks and data theft.
Protection against fraud: New regulations aim to prevent money laundering and other irregularities, increasing trust in the credit union sector.
Supervisory parity: Credit unions will be subject to similar examinations as banks, ensuring a consistent level of security across the financial sector.
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Expired
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Additional Information
Print number: 117_S_4698
Sponsor: Sen. Ossoff, Jon [D-GA]
Process start date: 2022-08-01
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Improving Cybersecurity of Credit Unions Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4698.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-08-01.

What are the main provisions?

Key points include:

  • Increased security for your money: The NCUA will be able to examine third-party companies serving credit unions, reducing the risk of cyberattacks and data theft.
  • Protection against fraud: New regulations aim to prevent money laundering and other irregularities, increasing trust in the credit union sector.
  • Supervisory parity: Credit unions will be subject to similar examinations as banks, ensuring a consistent level of security across the financial sector.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Ossoff, Jon [D-GA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Security