The U.S. House Committee on Financial Services Task Force on Financial Technology considered testimony on developments in data sharing and FinTech which raise consumer protection and regulatory questions.
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The U.S. House of Representatives passed a bill that would require banking regulators to provide an annual report on their efforts to strengthen cybersecurity supervision and regulation of financial institutions.
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.
FDIC Chair Martin J. Gruenberg warned against making significant changes to Dodd-Frank reforms.
Federal Reserve Bank of New York Senior Vice President Jeanmarie Davis emphasized the importance of collaboration among regulators, supervisors, and market participants to address systemic risks.