The House Financial Services Committee today approved several financial services bills, including two supported by the American Bankers Association. The committee passed H.R. 6158 — a bipartisan bill introduced by Rep. Scott Tipton (R-Colo.) and co-sponsored by Reps. Lacy Clay (D-Mo.) and Gregory Meeks (D-N.Y.) – by a vote of 34-17. The bill would exempt affiliates and subsidiaries of insured depositories from the definition of “deposit broker” under Section 29 of the Federal Deposit Insurance Act. ABA welcomed the bill, noting that “this legislation begins what we hope will be a thorough review of what is considered a brokered deposit.”
The committee also passed by a vote of 32-20 H.R. 6743, a bill introduced last week by Rep. Blaine Luetkemeyer (R-Mo.) that would amend the Gramm-Leach-Bliley Act to codify existing data breach notification standards for the financial services industry, including insurance providers. These standards would preempt state-by-state requirements. “We support reporting this legislation out of committee so that Congress can take a step forward in enacting comprehensive data breach legislation,” ABA said.