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Trades comment on cybersecurity policies, agency independence

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Banking
Friday, June 7, 2024

The financial industry is rarely shy about letting federal agencies know where they stand with respect to regulations impacting businesses. Below are some matters highlighted in recent comments and articles published by trade advocacy groups, as well as an example of how one trade group has chosen to recognize some its outstanding members:

BPI issues statement on SEC cybersecurity policies

The Bank Policy Institute (BPI) issued a statement ahead of a recent hearing by the Senate Committee on Homeland Security and Governmental Affairs examining suggestions for streamlining federal cybersecurity regulations and improving harmonization among the regulators. The trade group pointed to the Securities and Exchange Commission (SEC) as an example of an agency it feels needs to work harder in this regard and reiterated its recommendations to identify duplicative and conflicting regulatory regimes, establish common frameworks and promote reciprocity.

Heather Hogsett, BPI’s senior vice president, technology and risk strategy, stated, “The current state of affairs is a complex web of competing priorities where rules aren’t just duplicative but create confusion and contradict one another — the most glaring example being the SEC’s cyber incident disclosure rule that undermines congressionally mandated efforts to improve cyber incident response.”

Read the organization’s full statement here.

ACU argues NCUA should return to its independent roots

America’s Credit Unions Chief Advocacy Officer Carrie Hunt detailed her trade group’s contention in a recent op-ed that the National Credit Union Administration should “return to its roots and be an independent regulator.” Hunt noted regulators have heavily scrutinized credit unions’ non-interest income, but seemingly have not recognized that credit unions use non-interest income to offset the costs of providing products and services to their members. Read more by following this link.

ICBA recognizes its 40 under 40 community bank leaders

In the trade group’s Independent Banker magazine, the Independent Community Bankers of America (ICBA) announced the publication of its sixth annual list of 40 Under 40: Community Bank Leaders. The award recognizes community bank innovators, contributors and influencers who the organization identifies for their commitment to “continue to step up, stand out and power local communities through community banking excellence.” Read more here.


 [EP1]What does this stand for?

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