In testimony before the Senate Banking Committee, Federal Reserve Board Chair Jerome H. Powell and Secretary of the Treasury Steven T. Mnuchin reviewed government actions taken pursuant to the Coronavirus Aid, Relief, and Economic Security Act.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles and OCC Comptroller Joseph M. Otting described supervisory and regulatory actions to support "consumers, households and businesses" and ongoing efforts to strengthen the banking system.
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.
The House Financial Services Committee voted to send to the full House of Representatives a bill that would increase the potential civil monetary penalty amounts that the SEC is authorized to obtain in certain enforcement actions.
U.S. Senator Kirsten Gillibrand (D-NY) introduced the "Data Protection Act of 2020." The bill would form a national Data Protection Agency to establish and enforce data privacy and cybersecurity practices.
On July 17, 2019, members of the U.S. House Committee on Financial Services considered testimony on the potential impact of Facebook's proposed cryptocurrency on consumers, investors and the global financial system.
On December 6, 2019, experts testified before the House Financial Services Committee on the impact of artificial intelligence on investing, the financial services workforce, and compliance and risk management.
The House Financial Services Committee considered legislation to (i) prohibit retail businesses from refusing cash payments and (ii) encourage an increase in mobile banking and electronic payment technologies.
In testimony before the House Financial Services Committee, OCC Comptroller Joseph M. Otting defended proposed amendments to the Community Reinvestment Act designed to encourage banks to provide more qualified lending, investment and services.
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.