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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;

SIFMA, the American Bankers Association, and the Financial Services Roundtable (the "Associations") submitted a letter of support to Chairwoman Feinstein and Vice Chairman Chambliss of the Senate Intelligence Committee regarding the June 17, 2014 draft of the Cybersecurity Information Sharing Act of 2014 (the "Act"). In the letter, the Associations stated that the Act "strengthens the ability of the private sector and the Federal government to work together to develop a more effective information sharing framework to respond to cyber threats." The Associations asserted that the draft version

SIFMA issued a statement, in response to the 9/11 Commission Report, that identified cybersecurity as a key area of focus for U.S. security and recommended that Congress enact legislation to enable private companies to collaborate with the government in countering cyber threats. According to SIFMA, a robust public-private partnership is the most effective way to prevent and defend against cyber attacks. SIFMA urged Congress to take action on the bipartisan information-sharing legislation pending in the Senate, which would provide important liability protections and enhanced coordination. See

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

President Obama announced follow up steps to the administration's 2011 Cybersecurity Legislative Proposal, the International Strategy for Cyberspace and the Executive Order protecting critical infrastructure. The proposal: enables cybersecurity information sharing between the private sector and the government by encouraging the former to share cyber threat information with the Department of Homeland Security's National Cybersecurity and Communications Integration Center, which will then share it with the relevant federal agencies and other organizations; encourages the formation of private