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.
U.S. Representatives Carolyn B. Maloney (D-NY) and Patrick McHenry (R-NC) introduced a bill that would require all eight U.S. financial regulators to enact a set of data collection and dispersion standards for reported information.
A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing.
A bipartisan group of U.S. senators proposed the "ILLICIT CASH Act," which would establish federal reporting requirements to help federal and local law enforcement officials more easily access beneficial ownership information.
Congressmen Steve Pearce (R-NM) and Blaine Luetkemar (R-MO) introduced legislation that would increase reporting thresholds for financial institutions subject to the Bank Secrecy Act, and provide a temporary safe harbor for violations of the Customer Due Diligence rule.
The U.S. Senate Banking Committee voted to advance a bill intended to "modernize regulations in a way that makes sense for small financial institutions, benefitting consumers and encouraging economic growth."
The SEC introduced two new initiatives to monitor and address issues related to cybersecurity. In addition, SEC Chair Jay Clayton updated the Senate Banking Committee on the SEC response to the EDGAR system cyber breach.
At a hearing before the House Financial Services Subcommittee on Capital Markets, Securities and Investment, witnesses debated Sarbanes-Oxley and offered recommendations to address the decline in public offerings.
The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises reviewed the "Investment Advisers Modernization Act," which would require the SEC to modernize certain rules relating to investment advisers.
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