Financial Services Subcommittee Reviews Antifraud Bill

Share this article:
A House subcommittee yesterday reviewed a bill that would establish a computerized network linking some 200 antifraud databases.


The Financial Services Antifraud Network Act, H.R. 1408, underwent a markup session -- where legislation is reviewed line by line and changes are made -- by the Subcommittee on Financial Institutions and Consumer Credit.


The bill would establish a computerized network linking the antifraud databases of state and federal financial regulators and law enforcement agencies. The bill was introduced April 4 by Reps. Mike Rogers, R-MI, and Michael G. Oxley, R-OH, chairman of the House Committee on Financial Services.


In testimony before a joint hearing of the Financial Institutions and Oversight subcommittees on March 6, the Financial Services Roundtable estimated that the financial services industry loses more than $100 billion a year to fraud.


The antifraud network would be established through a new antifraud subcommittee of the President's Working Group on Financial Markets.


If the subcommittee passes the bill, it is scheduled for markup in full committee later this month.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Data/Analytics

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Harvard Prof: Marketers Need to Step Up Their Predictive Abilities

Harvard Prof: Marketers Need to Step Up Their ...

Statistics expert Edo Airoldi says data must be paired with predictive analytics before marketers can truly forecast customer behavior.

The (Marketer's) TV Guide

The (Marketer's) TV Guide

Public broadcasting station WGBH in Boston cleans up its dirty data and boosts donations.

Acxiom Mobilizes and Socializes SMBs

Acxiom Mobilizes and Socializes SMBs

MyAcxiomPartner.com enables simple campaigns for social and mobile channels.