The Patriot Act remains one of the old standbys in the compliance universe. But in a sign of the times, which are strange indeed, an alliance of liberals and Tea Party conservatives voted down a measure that would have extended aspects of the law via a "fast track."

The law was designed to combat terrorism by making it easier for law enforcement to pursue investigations and other things. Companies were asked to be accountable for detecting and reporting computer trespasses and to step up financial surveillance regarding suspicious activities.

The bill that was voted down would have extended three provisions that are set to expire this month, including the ability for law enforcement officials to use business and other "tangible" records for surveillance purposes. But despite some headlines, compliance officials should not think these provisions, or the bill as a whole, is going away.

The bill will be raised again under rules that call for only a simple majority to pass instead of the two-thirds required previously. This time, the bill will likely pass the House. But it's fate in the Senate is unknown. All of this highlights the unpredictable nature of the compliance scene right now, sparked by the new Congress.

For more:
- here's an article from the Washington Post

Related Articles:
Regulatory explosion bodes well for GRC
Foreclosure mess highlights vendor risk management
SEC faces challenges with new reform law
Treasury adopts new money laundering rules for banks