U.S. Senate Banking Committee Holds Open Hearing on Dodd-Frank and Data Security

The U.S. Senate Banking Committee held an open session hearing on the implementation of Dodd-Frank entitled “Oversight of Financial Stability and Data Security.” The hearing featured representatives from the Treasury, the Federal Reserve, the FDIC, the OCC, the SEC and the CFTC.

Committee Chairman Tim Johnson (D-SD) began the hearing by outlining the work that remains to be done in order to fully implement Dodd-Frank, including, among other things: (i) enhanced capital, leverage and liquidity rules for the largest banks; (ii) a new regulatory framework for non-bank financial companies designated as SIFIs; (iii) QRM; and (iv) the new derivatives rules. 

The witnesses offered timelines for completing regulatory work, and explained what their respective agencies were doing to mitigate cyber and other data security risks, including the protection of consumer data.

The following witnesses testified at the hearing:

Click here to view a webcast of the hearing. 

See: Chair Johnson’s Opening Statement; Senator Crapo’s Statement; Senate Banking Committee Announcement.
See also: OCC Release on Comptroller Curry’s Testimony; FRB Release on Governor Tarullo’s Testimony; CFTC Release on Acting Chair Wetjen’s Testimony.

 

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