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McHenry presses Fed on supervision of Capital One following data breach
By Victoria Guida, Politico Pro


Washington, August 7, 2019 -

Rep. Patrick McHenry (R-N.C.) today pressed Federal Reserve regulatory chief Randal Quarles for more information about the central bank's supervision of Capital One following a massive data breach at the bank.

"I ask that you provide information on the Capital One breach, including an indication of whether any suspicious activity was noted during the Federal Reserve's examination of Amazon or through the course of regular examinations of Capital One," McHenry, the top Republican on the House Financial Services Committee, wrote in a letter to Quarles.

"I also request that you provide a detailed explanation of the Federal Reserve's examination procedures as they relate to financial institutions' third party service provider relationships," he added. He said he would like "a better understanding of this incident but also the authorities and potential limitations the Federal Reserve has in protecting the financial information of American consumers."

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