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IBA E-News 5-10-19


IBA Regional Meeting Dates - Bloomington Date Corrected

Don’t miss out on this summer’s IBA regional meetings! Make plans to join your banking peers and local lawmakers for lunch and conversation at one of eight regional meetings. The IBA is delighted to host this important grassroots advocacy series once again in the cities of Bloomington (July 31), Evansville (June 3), Fort Wayne (July 9), Indianapolis (July 10), West Lafayette (June 11), Merrillville (July 18), New Albany (July 29) and Richmond (June 19). For more information click here or contact Michelle Long at 317-333-7148.


Senate Banking Committee Examines Data Security Issues

During Tuesday’s Senate Banking Committee hearing on privacy and data collection, committee members examined the European Union’s General Data Protection Regulation to assess what has worked and could be replicated in the United States. Chairman Crapo (R-Idaho) expressed his belief that consumers should have the right to opt out of having their data sold or shared. He is also focused on data aggregators and adjusting the Fair Credit Reporting Act to address these entities. Chairman Crapo and Ranking Member Sherrod Brown (D-Ohio) said there is enough bipartisan agreement to pass legislation to address data privacy concerns.

Financial Services Committee Forms Fintech, AI Task Forces

The House Financial Services Committee has announced that it will create two new task forces to focus on issues relating to fintech and artificial intelligence. Chairing the fintech task force will be Rep. Steven Lynch (D-Mass.), while Rep. Bill Foster (D-Ill.) will chair the AI task force. Rep. French Hill (R-Ark.) will serve as the ranking Republican on both task forces.

CFPB Issues Proposed Rule on Debt Collection

The Consumer Financial Protection Bureau has issued a notice of proposed rulemaking to implement the Fair Debt Collection Practices Act. Under its proposal, debt collectors would be restricted in frequency and the manner in which they contact consumers. The proposal also provides information to consumers to help them identify debts and respond to collection attempts. Read more.

Rep. McHenry Seeks Updates on S. 2155 Implementation

House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) last week wrote to the heads of the financial regulatory agencies seeking updates on their efforts to implement various provisions of the S. 2155 regulatory reform law.

“Completion of these targeted regulations will collectively promote greater economic growth and competition in our marketplaces ultimately benefitting consumers,” McHenry wrote in letters to the Federal Deposit Insurance Corp., Federal Reserve, Office of the Comptroller of the Currency, and Bureau of Consumer Financial Protection. In a separate letter to the Securities and Exchange Commission, McHenry urged the agency to complete several actions – including several not included in the regulatory reform law – that would “ease small business access to capital, create jobs, and increase investment opportunities for both institutional and Main Street investors.”