News & Analysis as of October 19, 2024

Cybersecurity › Federal Deposit Insurance Corporation › Banks

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

FDIC sunsets its FFIEC Cybersecurity Assessment Tool

Orrick, Herrington & Sutcliffe LLP on 9/19/2024

On September 5, the FFIEC announced the sunsetting of the Cybersecurity Assessment Tool (CAT) on August 31, 2025. The CAT, introduced in June 2015, was a voluntary tool designed to help financial institutions identify...more

Nutter Bank Report: August 2024

Nutter McClennen & Fish LLP on 9/3/2024

CFPB Issues Filing Instructions Guide for Small Business Lending Data - The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more

FDIC Publishes Consumer Compliance Supervisory Highlights

Goodwin on 4/17/2023

Regulatory Developments - FDIC Publishes Consumer Compliance Supervisory Highlights - On April 5, the FDIC published its latest edition of Consumer Compliance Supervisory Highlights (the Highlights). This edition of...more

Promissory Notes - Banking & Finance Insights: V 3, Issue 3, March 2023

Spilman Thomas & Battle, PLLC on 4/3/2023

Now is the Time to Guard Against Reckless Banking Legislation - “Only a structural change to the way Congress acts on financial regulation will prevent future losses.” Why this is important: An old adage is that...more

Federal Regulators Adopt New Computer-Security Incident Notification Requirements for Banks and Service Providers

Pillsbury Winthrop Shaw Pittman LLP on 12/2/2021

In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of...more

Nutter Bank Report: November 2021

Nutter McClennen & Fish LLP on 11/30/2021

Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

Banks Have 36 Hours to Report Data Incident Starting May 1, 2022

Bond Schoeneck & King PLLC on 11/22/2021

On Nov. 18, 2021, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) announced the approval of a final rule for...more

The Fed May Increase Cybersecurity Standards for Large Financial Institutions and their Service Providers

Pillsbury - Global Sourcing Practice on 6/12/2019

The Board of Governors of the Federal Reserve System has recently indicated it may move forward with enhanced cybersecurity standards that had previously been floated by the Board, the Office of the Comptroller of the...more

Financial Services Weekly News - November 2018 #3

Goodwin on 11/29/2018

In This Issue. Federal banking regulators proposed the long-awaited “community bank leverage ratio,” which would exempt community banks with a leverage ratio of at least 9% from Basel III capital requirements; the Federal...more

Rock and a Hard Place: Banks In Search of Compliance Amid Diverging Regulatory Regimes

Patterson Belknap Webb & Tyler LLP on 1/28/2017

Last year was the first that national banks and federal savings associations subject to supervision by the Office of the Comptroller of the Currency (“OCC”) were armed with a sense of the agency’s regulatory expectations when...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

Hogan Lovells on 1/13/2017

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 1/13/2017

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

Financial Services Weekly News - January 2017

Goodwin on 1/12/2017

Editor's Note - In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more

Federal Banking Agencies Seek Comment on Enhanced Cyber Risk Management Standards for Large Banks

Davis Wright Tremaine LLP on 12/15/2016

To address the increasing risk of technology failures and cyber-attacks affecting the largest banking organizations, an advance notice of proposed rulemaking titled Enhanced Cyber Risk Management Standards (the ANPR) was...more

Banks to Broaden Reporting of Suspicious Cyber Activity; Regulators Propose “Enhanced” Cybersecurity Standards

Carlton Fields on 11/23/2016

The fourth quarter of 2016 has seen an uptick in regulatory activity respecting the financial services sector in the cybersecurity space, both at the state level as previously discussed (here) and on the federal level....more

Federal Regulators Unveil Proposed Cybersecurity Standards for Large Financial Firms

Bracewell LLP on 11/21/2016

On October 19, 2016, federal regulators issued an Advance Notice of Proposed Rulemaking titled “Enhanced Cyber Risk Management Standards.” The draft standards, jointly released by the Federal Reserve, the Federal Deposit...more

New York and Feds Leading the Charge on Financial Institution Cybersecurity Regulations

Bass, Berry & Sims PLC on 11/21/2016

Both federal and state officials recently proposed new regulations aimed at the financial sector in an effort to promote protection against high-impact technology failures and cyberattacks...more

Banking Regulators Propose Enhanced Cyber Risk Management Standards

McGuireWoods LLP on 11/10/2016

On October 19, 2016, the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (together, the “Prudential Regulators”) published an advance notice of proposed rulemaking...more

Major Bank Regulators Propose Expanded Cybersecurity Regulations

Alston & Bird on 11/9/2016

On October 19, 2016, the Board of Governors of the Federal Reserve System (“Board”), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) (the “agencies”) issued a joint...more

Lessons from the Wells Fargo Scandal

Robins Kaplan LLP on 11/1/2016

Financial institutions must meet standards for safeguarding customer data given the particularly sensitive information they hold, and regulators have been stepping up their efforts to provide guidance on just how they must do...more

Banking Regulators Invite Comment On Cybersecurity Standards For Large Banks

King & Spalding on 10/26/2016

On Thursday, October 20, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly issued an advance notice of proposed rulemaking, requesting comments on...more

Feds Propose Enhanced Cyber Standards for Nation’s Largest Banks and Their Boards

Patterson Belknap Webb & Tyler LLP on 10/20/2016

Bank regulators are continuing to demand more accountability from corporate leaders when it comes to compliance with cybersecurity safeguards. In an advance notice of proposed rulemaking issued yesterday, federal...more

FDIC Issues Customer Cybersecurity Guidance

King & Spalding on 3/16/2016

On March 8, 2016, the Federal Deposit Insurance Corporation (“FDIC”) released a special edition of its FDIC Consumer News publication series covering cybersecurity issues impacting banking customers (“Cybersecurity Release”)....more

Cybersecurity: What You Must Know and What You Must Do

Spilman Thomas & Battle, PLLC on 3/8/2016

On February 1, 2016, the Federal Deposit Insurance Corporation (“FDIC”) published the Winter 2015 issue of Supervisory Insights. Not surprisingly, the first article dealt with the most important issue facing the financial...more

Nutter Bank Report, November 2015

Nutter McClennen & Fish LLP on 11/30/2015

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines - 1. DOB Revises Guidance on Branch and Main Office Notices and Applications - 2. FDIC Updates...more

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