Today the House Financial Services Committee passed H.R. 6743, the Consumer Information Notification Requirement Act. The legislation, sponsored by Subcommittee on Financial Institutions and Consumer Credit Chairman Blaine Luetkemeyer (MO-03), will institute a new statutory requirement that all financial institutions notify consumers in the event of a breach involving their personal information. Chairman Luetkemeyer released the following statement: “Nearly every week we discover new data breach...
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Today, the Federal Reserve, Bureau of Consumer Financial Protection, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency announced an important distinction between guidance and rule. In June, Chairman of the Subcommittee on Financial Institutions and Consumer Credit, Congressman Blaine Luetkemeyer (MO-03), called on financial regulators to address so-called “regulation by enforcement.” Chairman Luetkemeyer released the followi...
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On the anniversary of Equifax’s reveal of a massive consumer data breach, Congressman Blaine Luetkemeyer, Chairman of the Subcommittee on Financial Institutions and Consumer Credit, introduced the Consumer Information Notification Requirement Act. Chairman Luetkemeyer released the following statement: “One year ago today we learned that 145.5 million people had their data exposed by a breach at Equifax, an astounding violation of consumer trust. Data security is a challenging and constantly evol...
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Congressman Blaine Luetkemeyer (MO-03), Chairman of the Subcommittee on Financial Institutions and Consumer Credit, held a roundtable discussion today. Bringing together banking stakeholders, Financial Accounting Standards Board (FASB) officials, and financial regulators to discuss FASB’s Current Expected Credit Loss (CECL) rule, Chairman Luetkemeyer released the following statement: “Today, I had the opportunity to sit down with stakeholders to discuss FASB’s misguided CECL rule. The reality is...
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Congressman Blaine Luetkemeyer (MO-03) issued the following statement in honor of Senator John McCain: “Today, the world has lost a great American hero. Senator John McCain served our nation for more than half a century, dedicating his life as a distinguished member of the United States Navy and the United States Senate. Please join me in keeping his wife Cindy and his loving family in your thoughts and prayers this evening.”
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Congressman Blaine Luetkemeyer (MO-03) issued the following statement in response to the Federal Emergency Management Agency’s (FEMA) announcement regarding reinsurance: “From Massachusetts to Missouri to the Gulf Coast, coastal homeowners deserve a National Flood Insurance program that works for them, without indebting the American taxpayer. For years, I have been working with my colleagues on the House Financial Services Committee to urge FEMA to increase the NFIP reinsurance program and trans...
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Congressman Blaine Luetkemeyer (MO-03) released the following statement in response to a report released by the Treasury Department yesterday: “It is in the best interest of consumers to have a nationwide data breach standard, and Secretary Mnuchin echoed this sentiment in yesterday’s report. As we increasingly rely on online payments and other technologies to make our lives easier, it is critical to ensure consumers can trust that their sensitive information is being kept safe or that they will...
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Congressman Blaine Luetkemeyer (MO-03) released the following statement after the most recent GDP report showed economic growth of 4.1% this quarter: “The most important aspect of today’s news is what it represents: more jobs are being created, workers are taking home more pay, and communities are growing stronger. The numbers don’t lie. President Trump has been working with Congressional Republicans to pass pro-growth policies that unleash our economic potential, and it’s paying off for familie...
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Yesterday, Federal Reserve Vice Chairman of Supervision Randal Quarles was confirmed as a member of the Board of Governors of the Federal Reserve System, to serve a full 14-year term. Congressman Blaine Luetkemeyer (MO-03), Chairman of the House Subcommittee on Financial Institutions and Consumer Credit, issued the following statement following Vice Chair Quarles’ confirmation: “It is critical to our economy to have a Federal Reserve Board of Governors that balances the vast responsibility of su...
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Congressman Blaine Luetkemeyer (MO-03), Chairman of the Subcommittee on Financial Institutions and Consumer Credit, delivered the following opening statement at a hearing entitled “Examining Capital Regimes for Financial Institutions.” Last April, this Subcommittee held a hearing to examine the state of federal financial regulation and the impact regulators and their respective regimes were having on institutions, their customers, and the U.S. economy. Sitting on the front row of the dais were s...
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