House Financial Services Subcommittee Held Hearing on Cyber Threats

On November 3, 2021, the U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions (the “Subcommittee”) held a live hearing on “Cyber Threats, Consumer Data, and the Financial System,” which examined the following topics:

According to the committee memorandum, the hearing examined the following topics:

• Cybersecurity and Consumer Data Laws

• Recent Actions Regarding Consumer Data

• Gaps in Regulatory Oversight

• Types of Cyberattacks

• Systemic Risk from Cyberattacks

• Financial Sector and Government Response to Cyber Threats

Additionally, the hearing addressed the following bills on cybersecurity and consumer protection:

• Safeguarding Non-bank Consumer Information Act;

  • This bill amends the Gramm-Leach-Bliley Act to give the Bureau of Consumer Financial Protection (CFPB) authority over the Safeguards Rule with respect to data aggregators and financial institutions.

• Strengthening Cybersecurity for the Financial Sector; and

  • This bill requires a Federal Home Loan Bank to notify the Federal Housing Finance Agency of any services performed off its premises—which will be subject to regulation and examination.

• Enhancing Cybersecurity of Nationwide Consumer Reporting Agencies Act.

  • This bill gives the CFPB authority over the cybersecurity regulation of consumer reporting agencies under the Fair Credit Reporting Act.  

If you have any questions or concerns about this recent hearing, please contact Kennedy Sutherland.