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.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
In its 2018 Semiannual Risk Perspective, the Office of the Comptroller of the Currency reiterated several key risks facing the federal banking system and expressed concern over the impact of rising interest rates.
Senators questioned whether the Consumer Financial Protection Bureau investigation into the Equifax data breach has been halted. The letter comes in response to a recent report suggesting Acting Director Mulvaney relaxed the investigation.
Board of Governors of the Federal Reserve System member Lael Brainard discussed the importance of facilitating FinTech innovation while also allowing consumers to maintain control over their financial data.