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The House Financial Services Committee Oversight and Investigations Subcommittee held a hearing as part of an ongoing series that examines the threat posed by cyberattacks to the U.S. economy and financial services sector. According to witnesses at the hearing, an increasing number of prominent nation-states, criminal organizations, terrorist groups and "hacktivists" are capable of carrying out cyberattacks against the United States. Additionally, witnesses asserted that the U.S. financial sector is at increased risk of cyberattack relative to other sectors. C li ck here to view a summary of

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing titled "Protecting Critical Infrastructure: How the Financial Sector Addresses Cyber Threats." The purpose of the hearing was to give members of the Committee on Financial Services (the "Committee") a better understanding of: (i) how the financial sector protects itself from cyber threats, (ii) how market participants coordinate information sharing between themselves and federal agencies, (iii) what types of security measures and standards are in place to prevent breaches, and (iv) what types

The Senate Committee on Banking, Housing and Urban Affairs held a hearing, titled "Cybersecurity: Enhancing Coordination to Protect the Financial Sector," which discussed regulatory efforts to address cyber threats and vulnerabilities and coordinate information-sharing among banking industry, regulatory community and financial industry stakeholders. The following witnesses testified at the hearing: Mr. Brian Peretti, Director for the Office of Critical Infrastructure Protection and Compliance Policy, U.S. Department of the Treasury (written testimony); Dr. Phyllis Schneck, Deputy Under

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;