By a strong 307-116 vote, the House yesterday passed the ABA-supported Protecting Cyber Networks Act (H.R. 1560), which would enhance cybersecurity threat information sharing.
In conjunction with his visits this week with bankers in North Dakota, ABA President and CEO Frank Keating yesterday discussed the practical implications of excessive regulation for bank customers on Fargo’s KFGO radio station.
The full House is expected to vote this week on a pair of ABA-supported bills designed to enhance cyber threat information sharing.
The dearth of bank startups in recent years may have something to do with declining business dynamism and weak job growth, Frank Keating wrote in an op-ed in The Hill on Friday.
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.