Heather Hogsett, Senior Vice President of Technology and Risk Strategy for BITS, testified before the House Subcommittee on Cybersecurity and Infrastructure Protection regarding the implementation of the Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA). In her remarks, Hogsett called for significant changes to the proposed rule to enhance its effectiveness for both the government and industry.Hogsett emphasized the need for revisions in the proposed rule, stating, “CISA should rewrite its proposed rule to avoid collecting more data than necessary...
Washington, D.C. – The Bank Policy Institute (BPI) has emphasized the importance of clear and objective standards in mergers and acquisitions (M&A) for the benefit of bank customers and the economy. In a statement for the record presented at the House Financial Services Subcommittee on Financial Institutions and Monetary Policy hearing, the BPI highlighted the significance of a healthy M&A pipeline with defined timelines and expectations for merger approvals.According to the BPI, uncertainties created by recent federal proposals could have detrimental effects on the M&A...
New data from the Bank Policy Institute (BPI) indicates that the Financial Crimes Enforcement Network (FinCEN) may have underestimated the time banks require to file suspicious activity reports (SARs). According to BPI's survey, banks spend an average of 21.41 hours on each SAR, a figure that starkly contrasts with FinCEN's estimate of 1.98 hours. This discrepancy emerged in a submission to FinCEN as part of their Paperwork Reduction Act obligations.
Sarah Flowers, a prominent regulatory attorney at U.S. Bank, will join the Bank Policy Institute (BPI) as Senior Vice President and Senior Associate General Counsel. She is set to begin her new role on April 8.
Michael Wong, a Senate staffer with over a decade of legislative experience, has been appointed as Senior Vice President of Government Affairs at the Bank Policy Institute (BPI). He is set to begin his new role on April 8. Wong's most recent position was as Senior Advisor for Policy and Strategy to Senator Kyrsten Sinema of Arizona.
Ed Hill will be leaving his position as Head of Government Affairs at the Bank Policy Institute (BPI) on March 22. He is set to join Forbes Tate, a multi-client advocacy firm. In light of Hill's departure, Erik Rust, who currently serves as Deputy Head of Government Affairs, will be promoted to fill the role.
The Bank Policy Institute, American Bankers Association, and Consumer Bankers Association have submitted recommendations to the U.S. Department of Treasury. These suggestions aim to assist in formulating a nationwide strategy for financial inclusion. This initiative comes as more consumers than ever have access to banking services, with banks investing significantly in various activities to meet consumer needs.
Bill Nelson, Chief Economist at the Bank Policy Institute (BPI), is set to testify at a House Financial Services Subcommittee hearing focused on the Federal Reserve's discount window. The hearing, titled "Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending," will address the role of the discount window in maintaining banking system liquidity.
The Bank Policy Institute (BPI) has submitted a statement to the U.S. House Financial Services Committee regarding its oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence. The statement commends FinCEN staff for their diligence but criticizes the lack of changes in AML compliance examinations following new legislative requirements.
The Federal Deposit Insurance Corporation (FDIC) has proposed new corporate and risk governance guidelines in response to the bank failures of spring 2023. However, the Bank Policy Institute (BPI) and the American Association of Bank Directors (AABD) have raised concerns about these guidelines. In a comment letter submitted today, they argue that the proposal does not explain how its expanded board duties would enhance bank safety and soundness and fails to consider conflicts with state law.
The Bank Policy Institute (BPI) has submitted a statement to the U.S. Senate Banking Subcommittee during a hearing focused on scams and fraud within the banking system and their effects on consumers. The statement outlines banks' ongoing efforts to safeguard customers against these threats and proposes seven government actions to further mitigate risks.
Bank Policy Institute President and CEO Greg Baer is set to testify before the House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy. The hearing, titled “Rules Without Analysis: Federal Banking Proposals Under the Biden Administration,” will address concerns about the Basel capital proposal's impact on credit costs and U.S. capital markets.