WASHINGTON—Federal Reserve Chair Janet Yellen will be testifying before a Senate Judiciary subcommittee today regarding the safety of consumer information held by data brokers.
Yellen will also be testifying before the House Financial Services Committee tomorrow to provide semiannual testimony on the Federal Reserve’s supervision and regulation of the financial system. The hearing is slated to begin at 10 a.m. ET. The committee cited the White House’s failure to appoint a vice chairman for supervision, as required under the Dodd-Frank Act, as a reason for Yellen’s appearance at the hearing.
“In September, Senate Banking Committee Chairman Richard Shelby (R-AL) said he will wait to receive a nominee for vice chairman of supervision at the Fed before allowing progress on nomination hearings for two other Fed nominees. He noted that the position has remained vacant since it was created under Dodd-Frank five years ago,” reported NAFCU.
Today the Senate Judiciary Subcommittee on Privacy, Technology and the Law will hold a hearing titled “Data Brokers – Is Consumers’ Information Secure?” Both CUNA And NAFCU said they will monitor the hearing that is scheduled to begin at 2:30 p.m. ET.
Meanwhile, also today, the House Financial Services Committee is marking up several bills that aim to bring accountability and transparency to various Dodd-Frank Act provisions. Legislation covering small business regulatory relief and capital formation are included.
On Friday the House Small Business Committee Subcommittee on investigation oversight and regulations will hold a hearing called “Regulatory Overload: The Effect of Federal Regulation on Small Firms.”
“This will be a field hearing in Las Vegas, and Robin Simmers, CEO of Pahranagat Valley FCU in Alamo, Nevada, will testify on behalf of CUNA,” said CUNA’s chief advocacy officer, Ryan Donovan.