Senator John Kennedy (R-LA) introduced the "Protecting Investors' Personally Identifiable Information Act." The legislation would exclude personally identifiable information from Consolidated Audit Trail reporting requirements.
The Office of Compliance Inspections and Examinations alerted firms to the increased prevalence of "credential stuffing," a cyberattack method that involves the use of automated scripts to attempt to log into customer accounts using stolen personal information.
The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
U.S. Senator Kirsten Gillibrand (D-NY) introduced the "Data Protection Act of 2020." The bill would form a national Data Protection Agency to establish and enforce data privacy and cybersecurity practices.
On December 6, 2019, experts testified before the House Financial Services Committee on the impact of artificial intelligence on investing, the financial services workforce, and compliance and risk management.
SEC Chair Jay Clayton, Commissioner Hester M. Peirce and Division Director Dalia Blass highlighted the importance of ensuring that "Main Street investors" are protected through effective asset management regulation.