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.