Mortgage

Split between parties likely to stall cybersecurity legislation

Banks experienced a rough first half of the year, with the threat of a cyber attack constantly looming.

In order to combat the problem, the government started working on legislation to help protect lenders and financial institutions. 

But according to American Banker, debates over how much information private companies should share with the government has divided lawmakers and complicated the push for a bill.

“The info sharing piece is obviously very important to financial services companies,” said Doug Johnson, vice president of risk management policy at the American Bankers Association. “It’s not just about information sharing in our sector, which we already do quite well, but trying to ensure that companies outside of our sector and the government really understand what the processes are associated with this, and what kinds of liability protections and civil liberty protections are needed.”

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