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Monday, February 8, 2016

DHS Will Host Workshop Seeking Input on Insurers Proposal for Cyber Incident Data Repository

The Department of Homeland Security (DHS) will be hosting a public workshop to build momentum for developing a cyber-incident data repository proposed by the insurance industry.

The department’s Cyber Incident Data and Analysis Working Group has published three white papers on the data-repository proposal, which is intended to improve risk mitigation, aid cybersecurity research and help expand the cyber insurance market by addressing a lack of actuarial data.

DHS and the panel, which was established last year, is looking into how such repository should be structured and operated with the aim of attracting broad-based participation from the critical infrastructure community. The agency will host a workshop (tentatively scheduled for mid-April) to discuss key findings and conclusions from the white papers and seek feedback from the public on those findings.  According to Inside Cybersecurity, the workshop will also include a panel comprised of representatives from existing information sharing models, who will provide a brief overview of their experience and some of the ‘best practices’ they have established related to the creation and management of anonymous data repositories.

Read more.

Janet Yellen Hits Capitol Hill This Week

Federal Reserve Chairman Janet Yellen will appear before the House Financial Services Committee on Wednesday for her semiannual testimony. She will testify before the Senate Banking Committee on Thursday.

Meanwhile, the House Financial Services Committee will hold two subcommittee hearings on Thursday on the future of the Federal Housing Administration and on the CFPB’s regulatory approach to payday and installment loans.

More information.

Friday, January 29, 2016

FHA to Reduce Insurance Rates for Multifamily Homes

The Federal Housing Administration yesterday announced a series of reductions for the insurance rates it charges on multifamily home loans that will be effective in April. Housing designated as “broadly affordable” will see rates reduced to 0.25 percent, while mixed-income housing rates will drop to 0.35 percent. The FHA will also lower the insurance rate for energy-efficient properties -- those committed to green building and energy standards -- to 0.25 percent.

Read more.

This Week at the CFPB

A summary of this week's news about the CFPB from the ABIA and ABA Dodd-Frank Tracker:

The Week Ahead: February 1 - 5
CFPB Releases Monthly Complaint Snapshot on Other Financial Services

The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.

Wednesday, January 27, 2016

Senator Shelby and Representative Hensarling Headline ABIA Washington Forum and ABA Summit

Senate Banking Committee Chairman Richard Shelby (R-Ala.)and Financial Services Committee Chairman Jeb Hensarling (R-Texas) have been announced as the keynote speakers at the ABA Government Relations Summit and the American Bankers Insurance Association (ABIA) Washington Forum, to be held March 14-16 in Washington, D.C.  Summit attendees will hear the two most powerful financial services lawmakers address regulatory reform and other top 2016 priorities. Hensarling and Shelby join other big names on the Summit program, including former White House Press Secretary Dana Perino, Politico economics correspondent Ben White and election-watchers Charlie Cook and Stu Rothenberg.

In addition to hearing from top policymakers and political experts and visiting Capitol Hill offices, more than 1,000 bankers convening in D.C. will have the opportunity to register for several other ABA meetings taking place alongside the Summit. These include the Mutual Community Bank Conference, the Emerging Leaders Forum, the Women’s Leadership Forum and the ABIA Washington Forum.

The ABIA encourages all bank members and provider members to attend the largest gathering of banking industry leaders in the nation’s capital. As ABA seeks to increase the banking industry’s political muscularity in Washington, it is calling on all bankers to increase their advocacy efforts and help lawmakers and candidates for elected office understand the roles banks play in economic growth and job creation. Members who attend the Summit will gain fresh insights and valuable information that they can share with their institutions and use to encourage colleagues to participate in these efforts throughout the year.

If you are interested in joining, please register here.