MBA Letter to HFSC on H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act

On behalf of the Mortgage Bankers Association (MBA)1 , I am writing to express our views on H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act, scheduled to be considered for markup by the Committee on Financial Services on May 17, 2022.

MBA appreciates the recent dialogue held with the office of the proposal’s lead sponsor, Congressman Bill Foster (D-IL), to discuss the provisions within this bill now before the Committee. As part of those recent conversations, MBA has emphasized that cybersecurity vulnerabilities are best addressed through examination – not regulation. Providing FHFA with broad regulatory authority over institutions other than Fannie Mae and Freddie Mac (the GSEs) and the Federal Home Loan Banks (FHLBs) would amount to a dramatic expansion of its powers and purpose