ABA Supports Bills Before House Panel Today

ABA sent letters to the House yesterday expressing its support for two bills the House Financial Services Committee is expected to vote on today.

The bipartisan H.R. 2205 would establish a common security standard for protecting customer data that recognizes the already high standards to which banks are held, “effectively replac[ing]the current patchwork of state and federal regulations for data breaches with a national law that provides uniform protections across the country,” ABA said.

ABA also expressed support for H.R. 3791, introduced by Rep. Mia Love (R-Utah), which would lift the threshold for small bank holding company regulatory relief from $1 billion to $5 billion in assets. “This legislation facilitates the ability of community banks to issue debt and raise capital and thus increase their involvement in promoting the growth of their local economies,” ABA said.