Posts Tagged ‘FSR’
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.
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).
FSR supports the Federal Reserve’s proposal to use state level standards as the basis for a consolidated capital requirement for insurance companies that fall under their jurisdiction. This proposed standard, known as the building-block approach (BBA) would leverage standards that are already in place and could be easily modified to protect against regulatory arbitrage. FSR does not believe, however, that the Fed should create an entirely new capital formula (what it calls the consolidated approach or “CA”) for insurance companies that have been designated as “systemically important” by the Financial Stability Oversight Council.
In response to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency’s report on banking activities and investments The Clearing House, American Bankers Association, SIFMA, Financial Services Roundtable, and Financial Services Forum released the following joint statement.