[Congressional Record Volume 161, Number 125 (Tuesday, August 4, 2015)]
[Senate]
[Page S6321]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2607. Ms. WARREN submitted an amendment intended to be proposed by 
her to the bill S. 754, to improve cybersecurity in the United States 
through enhanced sharing of information about cybersecurity threats, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. REGULATION AND EXAMINATION OF SERVICE PROVIDERS.

       Title II of the Federal Credit Union Act (12 U.S.C. 1781 et 
     seq.) is amended by striking section 206A (12 U.S.C. 1786a) 
     and inserting the following:

     ``SEC. 206A. REGULATION AND EXAMINATION OF SERVICE PROVIDERS.

       ``(a) Service Performed by Contract or Otherwise.--If an 
     insured credit union that is regularly examined or subject to 
     examination by the Board, causes to be performed for itself, 
     by contract or otherwise, any service authorized under this 
     Act, or in the case of a State credit union, any applicable 
     State law, whether on or off its premises--
       ``(1) such performance, including any cybersecurity 
     practice, shall be subject to regulation and examination by 
     the Board to the same extent as if such services were being 
     performed by the insured credit union itself on its own 
     premises; and
       ``(2) the insured credit union shall notify the Board of 
     the existence of the service relationship not later than 30 
     days after the earlier of--
       ``(A) the date on which the contract is entered into; or
       ``(B) the date on which the performance of the service is 
     initiated.
       ``(b) Administration by the Board.--The Board may issue 
     such regulations and orders as may be necessary to enable the 
     Board to administer and carry out this section and to prevent 
     evasion of this section.''.
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