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

The Senate Banking Committee held a hearing on the implementation of Dodd-Frank entitled "Oversight of Financial Stability and Data Security." The hearing included witnesses from the Treasury Department, 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:

• Mary Miller, Undersecretary for Domestic Finance, U.S. Department of the Treasury (view written testimony);
• Daniel Tarullo, Governor, Board of Governors of the Federal Reserve System (view written testimony);
• Martin Gruenberg, Chair, Federal Deposit Insurance Corporation (view written testimony);
• Tom Curry, Comptroller of the Currency, Office of the Comptroller of the Currency (view written testimony);
• Mary Jo White, Chair, Securities and Exchange Commission (view written testimony); and
• Mark Wetjen, Acting Chair, Commodity Futures Trading Commission (view written testimony).

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.