Associations Comment on the Proposed Privacy Framework (1/15/19)
The Bank Policy Institute through its technology policy division known as BITS, the American Bankers Association, and the Securities Industry and Financial Markets Association filed joint comments to the National Institute of Standards and Technology (NIST) on its "Request for Information on Developing a Privacy Framework: An Enterprise Risk Management Tool" (RFI). In the letter, we point out the numerous privacy laws that apply to the financial sector and suggest it would be helpful to use the same collaborative effort that NIST has used on cybersecurity. We also encourage harmonization with international standards and standard definitions across the board. Contact Rob Rowe for more information.
CFPB Issues Analyses of Qualified Mortgage Rule (1/11/19)
The Consumer Financial Protection Bureau issued its assessment of the ability-to-repay/Qualified Mortgage rule, as required by the Dodd-Frank Act. While the report addressed matters relating to the costs and benefits of each segment of the rule, as well as overall impact on credit, it did not include a cost-benefit analysis. The bureau noted that it is considering whether to include such analyses in future assessments and reports. For more information, contact ABA's Rod Alba.