Blaine Luetkemeyer: “I thank Chairman Hensarling for all his great work and leadership on our Financial Services Committee and also thank the…”

“I thank Chairman Hensarling for all his great work and leadership on our Financial Services Committee and also thank the gentleman from Georgia (Mr. Loudermilk) for crafting a commonsense, bipartisan bill that requires the Federal financial regulators and the Consumer Financial Protection Bureau to conduct a comprehensive review of all the regulations promulgated with the intent of identifying those that are outdated or duplicative. Across the Nation, financial companies continue to suffer as a result of the burdensome regulations. What my friends on the other side of the aisle don't always recognize is the impact that has on the ability of those companies to serve their customers. Take cybersecurity as an example. Financial firms of all sizes are forced to adhere to an overlapping regulatory regime that is focused on fighting yesterday's war. I spoke with a major bank just last week that has cybersecurity examinations from the Federal Reserve, the Comptroller of the Currency, the FDIC, the Treasury Department, and multiple State banking agencies; and that doesn't include the foreign entities that regulate the international businesses of this bank. Each agency has a slightly different exam process and requires slightly different information. This type of regime doesn't protect companies from cybersecurity threats. The lack of coordination means this institution spends more time reacting to the regulators than it does protecting its customers.…”