Posts Tagged ‘BITS’

Posts Tagged ‘BITS’

The Financial Services Roundtable (FSR) and its technology policy division, BITS, today responded to the CFPB’s request for information concerning consumers’ access to aggregated financial account and account-related data. In its response letter, FSR/BITS highlighted the importance of innovation and collaboration while outlining five core elements policymakers, market participants, and the Bureau should consider in assessing this evolving ecosystem.

The Financial Services Roundtable’s (FSR) technology policy division BITS submitted a regulatory comment letter to financial agencies regarding the advanced notice of proposed rulemaking, “Enhanced Cyber Risk Management Standards” and urged adoption of a risk-based approach to cybersecurity regulation.

FSR/BITS supports the continuation of the FTC’s rules on safeguarding information. FSR also believes that the FTC should correlate its rules with the NIST Cybersecurity Framework, and that further expansion of the rule over financial activities that are currently not covered by the FTC is unwarranted, considering the information protection requirements that are already imposed by regulators that exist as part of the Federal Financial Institutions Examinations Council (FFIEC).

Most FinTech start-ups are targeting traditional banking functions, such as payment innovations, robo-advisors, and peer-to-peer lending, but the insurance industry will likewise be impacted by global technology and business innovation trends. The insurance industry is an attractive opportunity for technology start-ups because of its huge revenue base (U.S. insurance industry’s net premiums totaled $1.1 trillion in 2014) and complex network ecosystems.

The Department of Labor (“DoL”) filed, on August 19, a motion in the U.S. District Court for the Northern District of Texas opposing FSR and other plaintiffs’ (Plaintiffs) motions for summary judgment in Plaintiffs’ legal challenge to DoL’s new definition of investment-advice fiduciary and its subsequent rulemaking (“fiduciary regulation”). DoL also filed a cross-motion seeking summary judgment in its favor on all of Plaintiffs’ claims.