Luetkemeyer Highlights House Efforts on Reg Reform, BSA/AML, Data Breaches

Rep. Blaine Luetkemeyer (R-Mo.) today pledged that “we’re going to work hard to make sure [the S. 2155 regulatory reform measure] gets through” the House “as quickly as possible.” In remarks during the American Bankers Association’s Government Relations Summit, Luetkemeyer noted that while the bill does not offer a wholesale repeal of the Dodd-Frank Act, it will help make “productive changes” to the 2010 law.

In addition to S. 2155, Luetkemeyer also highlighted a number of other legislative efforts currently ongoing in the house. These include reforming the Bank Secrecy Act/anti-money laundering rules by streamlining reporting requirements and ensuring that banks can use technology to more efficiently report important information to regulators and law enforcement. He also noted that “we’re getting very close” on introducing legislation that would put in place a national data breach notification standard.

Luetkemeyer — who spent more than 30 years in banking, finance and insurance before coming to Congress — also announced that he is “actively pursuing” the role of Financial Services Committee chairman, with current Chairman Jeb Hensarling (R-Texas) having previously announced his retirement.