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U.S. House Representatives Reintroduce Bill to Create Independent IG Position at CFPB

On February 12, Congressmen Steve Stivers (R-OH) and Tim Walz (D-MN) re-introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2015, legislation that would create an independent IG position at the...more

Industry Trade Groups Urge Congress to Pass Legislation to Protect Consumers from Data Breaches

On February 12, seven industry trade associations co-authored a letter to Congress regarding anticipated data breach legislation. The letter urges Congress to protect its constituents from the impact of identity theft and...more

White House Summit on Cybersecurity and Consumer Protection

Many of the nation's leading cyber, data and privacy experts convened Friday at a White House Summit at Stanford University to discuss ways to improve our nation's cybersecurity. During the summit, President Obama signed an...more

House Financial Services Committee Approves Agenda for 114th Congress

On January 21, the Committee on Financial Services, in a voice vote, agreed to a new oversight plan that identifies the areas that the Committee and its subcommittees plan to oversee during the 114th Congress. Notable...more

Alert: Obama Makes Cybersecurity A National Priority

Over the past two weeks, President Obama has made clear that cybersecurity continues to be a concern, and he and the administration are increasing their focus on the issue. ...more

Dodd-Frank Act Changes Are Coming

For over four years after enactment of the Dodd-Frank Act (“Dodd-Frank”), President Obama and the Democratic Senate successfully blocked any changes to that act. For example, in the 113th Congress, the House passed 26 bills...more

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

Four Key Voices in Washington’s Housing Finance Reform Debate

The 113th Congress adjourned on Dec. 16, 2014. Among its legislative shortcomings, including the last-minute failure to extend the Terrorism Risk Insurance Act (‘‘TRIA’’), was the inability to produce any meaningful reform to...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

Before Adjourning, US Congress Adopts Budget With Dodd-Frank Amendments; Fails To Pass Terrorism Risk Insurance Legislation

Before the 113th Congress adjourned on December 16, Congress adopted the Consolidated and Further Continuing Appropriations Act of 2015, which ensures the federal government operates with budget certainty until September...more

Lawmakers Query Banks About Data Security

Why it matters - Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a...more

Executive Order Mandates Heightened Data Security Measures for Government Agencies

On October 17, 2014, President Obama signed an executive order for its BuySecure Initiative requiring government agencies to transition payment processing terminals and credit, debit and other payment cards to employ enhanced...more

CFPB’s constitutionality again before D.C. Circuit in Morgan Drexen appeal

The CFPB’s constitutionality is again before the D.C. Circuit, with the D.C Circuit now being asked to consider the impact of the U.S. Supreme Court’s decision in NLRB v. Canning on actions taken by the CFPB while Director...more

The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more

New Executive Order Seeks to Improve Security of Consumer Financial Transactions

The Obama Administration is taking new steps aimed at improving the security of consumer financial transactions. Specifically recognizing that identity crimes, including credit card fraud, are a risk to U.S. economic...more

Alert: The "Chip-and-PIN" Executive Order

On Friday, October 17, Obama signed his second major cyber-related executive order in the past two years. This most recent EO, entitled "Improving the Security of Consumer Financial Transactions," focuses squarely on the...more

Administration and SIFMA Announce New Steps to Make Financial Data More Secure

On October 17, 2014, President Obama directed the federal government to take steps to improve the security of financial transactions in the United States. As part of the “BuySecure” Initiative, the President pledged a...more

Chip-and-PIN is Coming…To the US Government

Last Friday, in the wake of numerous data breaches, President Obama signed a new Executive Order that will change how federal agencies use payment cards and allow access to certain government portals. Those changes include...more

President Signs Nondepository Examination and Supervisory Privilege Parity Bill

On September 26, President Obama signed into law H.R. 5062, which amends the Consumer Financial Protection Act of 2010 to specify that the CFPB is to coordinate its supervision of certain nondepositories with state agencies...more

A Look at Higher Education Bills in the House of Representatives

The House of Representatives has seen a lot of action on the higher education front this year. Not only has Committee on Education and the Workforce (Ed and Workforce) Chairman John Kline passed a number of bills out of...more

CBO issues cost estimates for three House bills to promote greater CFPB transparency and accountability

This past June, the House Committee on Financial Services reported a series of bills intended to promote greater transparency and accountability at the CFPB. The Congressional Budget Office (CBO) recently released cost...more

House Passes Bill to Fix Privilege Waiver Problem for Nonbanks

A bill (H.R. 5062) recently passed by the House of Representatives would amend the Consumer Financial Protection Act (the CFPA), which is Title X of the Dodd-Frank legislation, to provide protection against waiver of state...more

Senator Crapo raises concerns with Department of Education campus financial product rulemaking

Republican Senator Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter last week to Department of Education (ED) Secretary Arne Duncan to raise several concerns with the...more

Reg A+ Challenged Again

Another letter to the SEC from the Hill challenges the Regulation A+ proposal. This time, the authors question the authority of the SEC in defining “qualified purchaser” as an offeree or purchaser in a Tier 2 Reg A+...more

Republican Committee Leaders Question CFPB On Recess Appointment Activities

On July 29, House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Senate Banking Committee Ranking Member Mike Crapo (R-ID) sent a letter to CFPB Director Richard Cordray questioning the CFPB’s authority to...more

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