Bank Sector Groups Push Back On Defense Bill's Cyber Rules

By Ben Kochman (August 1, 2022, 5:03 PM EDT) — Financial industry trade groups are claiming that new data security rules tucked into an amendment attached to the 2023 defense budget bill passed by the U.S. House of Representatives last month would overlap with existing regulations and force banks to turn over a dangerously large amount of key data.

The amendment introduced by Jim Langevin, D-R.I., as part of the $850.4 billion National Defense Authorization Act would impose new requirements on entities considered “systemically important” to the country’s infrastructure while providing such organizations with help responding to cyberattacks and with government intelligence about cybersecurity threats.

But according to the American Bankers Association and the Bank Policy Institute, the…

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