Top US regulators warn of new threats to financial system

first_img Ex-FBI agent details raid on Phoenix body donation facility Comments Share It said that greater attention must be paid to developing ways to combat computer hackers and it urged greater collaboration among financial institutions and government agencies to share data that could help thwart a growing threat.“Over the past year, financial sector organizations and other U.S. businesses experienced numerous cyber incidents, including large-scale data breaches that compromised financial information,” the panel said in its report.The council was created by the 2010 Dodd-Frank Act which Congress passed in the wake of the worst financial crisis in seven decades. It is chaired by Treasury Secretary Jacob Lew and includes representatives from other government financial regulatory agencies including the Federal Reserve, the Securities and Exchange Commission and the Federal Deposit Insurance Corp.Lew was critical of legislation being pushed by Senate Banking Committee Chairman Richard Shelby, R-Alabama, which Lew said would put the country at greater risks of another crisis.“Senator Shelby’s bill … contains changes to our financial regulatory framework that would roll back the clock and leave us with weakened oversight, fewer consumer protections and less effective tools to address risks in the system,” Lew said. “It would also needlessly tie this council in knots with delays and hurdles that would significantly impair our ability to identify and mitigate threats to financial stability, while leaving potential risk unchecked.” Former Arizona Rep. Don Shooter shows health improvement Top Stories How do cataracts affect your vision? Check your body, save your life New Valley school lets students pick career-path academieslast_img

Leave a Reply

Your email address will not be published. Required fields are marked *