Sens. Roy Blunt (R-Mo.) and Tom Carper (D-Del.) yesterday introduced the Data Security Act (S. 961), which would require companies and agencies to better guard sensitive data, investigate breaches and notify consumers about compromised information.
FDIC Vice Chairman Thomas Hoenig today became the latest regulator to emphasize the need to tailor regulations to suit banks’ risk profiles and business models, suggesting several ways that regulatory burdens could thus be lightened for “the vast majority of commercial banks.”
Draft legislation on data security being considered by the House Energy and Commerce Committee falls short of adequate consumer protections, ABA and several other financial trade groups said in a letter yesterday.
ABA is strongly encouraging Congress to move ahead with bills that will enhance America’s cybersecurity.
Congress returns today from its spring recess and its week ahead includes two hearings on regulatory burden.
The Basel Committee has reportedly dropped its plan for a new capital requirement for “credit spread risk” on loans, bonds and other assets held in the banking book.
The Federal Reserve yesterday adopted a final rule that expands the regulatory relief provided by its small bank holding company policy statement.
Federal Reserve Chairman Janet Yellen yesterday responded to a letter several House members sent last fall urging regulators to resolve a problem for Subchapter S banks posed by Basel III’s capital conservation buffer. Yellen declined to pursue any policy change, stating that the Fed “continues to believe that the capital conservation buffer should be applied equally to all banking organizations.”
The banking agencies should use an advance notice of proposed rulemaking process to formally solicit public and congressional input prior to engaging in international standard-setting discussions, ABA said in a letter to regulators Monday.
The Federal Reserve should withdraw its proposed capital surcharge for the largest U.S.-based global systemically important banks, ABA said in a comment letter Friday.