According to the new chairman of the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Protection, Representative Randy Neugebauer, the three main priorities of the House Subcommittee in 2015 will be revisiting the Dodd-Frank regulations that have been put into effect since that Act’s passage in 2010, improving upon cybersecurity protection systems in place by financial institutions, and possibly introducing “creative” solutions for enhanced consumer protection.
The Subcommittee’s jurisdiction includes financial regulations and the Consumer Financial Protection Bureau. The Subcommittee also covers consumer and institutional issues such as cybersecurity. Almost all of these issues come under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Based upon the Subcommittee Chairman’s recent remarks, he believes that although most of the Dodd-Frank’s provisions were targeted towards Wall Street institutions, it appears that a lot of the regulations imposed under that Act have had more effect on “main street” investors. Those regulations, according to the Chairman must be reviewed to determine if they need to be refocused.
As to cybersecurity, the Chairman is interested in reviewing the overall structure put in place by the financial services industry to determine if everyone in the cybersecurity process is “doing everything they are supposed to be doing” in order to keep that data secure.
Apparently, the new Chairman sees the role of his Subcommittee is to bring the important players to the table such as banks, merchants, and credit card companies to determine what steps are being taken by the private sector and what still needs to be accomplished to maintain data security. The new Chair does not believe that it is necessary for Congress to create new laws or regulations if the private sector can achieve the Dodd-Frank goals through their compliance with existing regulations.