Letters to Congress

FSR/Joint Trades Letter to U.S. House Members on Data Security, 2-5-14

February 5, 2014

Target and Neiman Marcus have testified before the House and Senate about their breaches and, to their credit, have accepted their share of the responsibility and have pledged to work with law enforcement, the financial industry, and Congress to find ways to better protect consumers. Unfortunately, others in the retail industry have not taken this approach. They have made, and continue to make, several misleading and counterproductive statements about the breaches and the position of banks and credit unions across the country. The above bank and credit union organizations would like to set the record straight.

Pawlenty/Dalton Letter to Sens. Johnson & Crapo re: Housing Finance Reform, 2-4-14

February 4, 2014

The Financial Services Roundtable and its Housing Policy Council support action on legislation to reform the housing finance market. We encourage you to continue your very positive efforts to produce bipartisan legislation for the Senate Banking Committee to consider as soon as possible. As you have indicated, this effort can build off the bipartisan legislation sponsored by Senators Corker and Warner, S. 1217, Housing Finance Reform and Taxpayer Protection Act.

Letter to Congress re: “Safeguarding Consumers’ Financial Data”, 2-3-14

February 3, 2014

In all data breaches, including the recent retailer breaches, the financial services industry’s first priority is to protect consumers from fraud caused by the breach. Banks and credit unions do this by providing consumers “zero liability” from fraudulent transactions in the event of a breach. Although financial institutions bear no responsibility for the loss of the data from a retailer’s system, they assume the liability for a majority of the resulting card-present fraud. In most instances, financial institutions have historically received very little reimbursement from the breached entities – literally pennies on the dollar.

Joint Trades Letter to Congress on Debt Ceiling, 1-30-14

January 30, 2014

The undersigned associations representing a broad swath of the nation’s business community and sectors serving tens of millions customers, businesses and investors, respectfully urge you to raise the federal debt limit without delay.

Open Letter to Congress on Cybersecurity Legislation, 1-27-14

January 27, 2014

Every day, millions of Americans rely on access to financial products to do things like buy groceries, save for retirement and put gas in the car. The financial services industry is clearly a vital part of our country’s critical infrastructure — and that’s why rapidly increasing cyber attacks against the industry are so concerning.

Info-Sharing Letter to Sens. Chambliss & Feinstein

November 13, 2013

The cyber threat facing the financial services industry presents a clear and present danger not only to our members and their customers but to other critical infrastructure providers relied on by our industry and our economy.

Financial Services Roundtable Supports Private Student Lending

June 25, 2013

While Congress debates ways to avoid a significant rise in interest rates in the federal student loan program and the U.S. Senate discusses private student lending in a hearing today, the Financial Services Roundtable encouraged Congress to consider avenues that afford every American the opportunity for advanced education, including private student lending.

Letter re: Rules Implementing the Dodd-Frank Act for FBOs and Foreign Nonbank Financial Companies, 4/30/13

April 30, 2013

This letter will focus on our concerns with the basic policy approach to host-country regulation of international banks that is reflected in the Proposal, rather than on its specific provisions, which we expect will be addressed in the comments of individual banks and other trade associations. In addition to these concerns, we respectfully submit, as discussed further below, that the Board has not incorporated in the Proposal the Dodd-Frank Act’s statutory mandate to take into account how covered FBOs are regulated on a consolidated basis under home-country regulation and generally to consider whether home-country regulation is comparable to the enhanced standards that the Board would otherwise apply.