News & Analysis as of November 19, 2024

Cybersecurity

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

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

Nutter Bank Report: October 2022

Nutter McClennen & Fish LLP on 10/31/2022

New CFPB Guidance Identifies Fee Practices That Constitute UDAAP Violations The CFPB has issued new guidance about what it pejoratively characterizes as “junk fee” practices by banks that the agency believes are likely to...more

Nutter Bank Report: August 2021

Nutter McClennen & Fish LLP on 8/30/2021

Supreme Court Strikes Down Extension of CDC Moratorium on Evictions - The U.S. Supreme Court has issued a ruling that blocks the extension of the moratorium on evictions ordered by the Centers for Disease Control and...more

FDIC Seeks Comment on Supervisory Approach to Examinations During Pandemic

Goodwin on 8/20/2021

In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more

Financial Services Report – Fall 2020

Morrison & Foerster LLP on 10/16/2020

We join the nation in mourning the passing of Supreme Court Justice Ruth Bader Ginsburg. Over her 20-year career before appointment to the D.C. circuit court, Justice Ginsburg fought for equal rights in the workplace, among...more

Financial Services Weekly Roundup: Gone Phishing – The SEC’s OCIE Addresses Ransomware Attacks

Goodwin on 7/16/2020

In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more

Nutter Bank Report: January 2020

Nutter McClennen & Fish LLP on 1/30/2020

The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more

Financial Services Weekly News: OCIE Issues Risk Alert On Investment Adviser Principal And Agency Cross Trading Compliance

Goodwin on 9/12/2019

In This Issue. The Securities and Exchange Commission (SEC) issued a risk alert on investment adviser principal and agency cross trading compliance issues, published disclosure interpretations relating to the Inline XBRL...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

Federal Regulatory Agencies Issue Joint Guidance to Financial Institutions on Cyber Insurance

Balch & Bingham LLP on 4/18/2018

The Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement providing guidance for financial institutions about the role of cyber insurance in risk management of informational technology...more

How to Evaluate Cyber Insurance Options?

Vedder Price on 4/16/2018

On April 10, 2018, the Federal Financial Institutions Examination Council (the “FFIEC”), an interagency body composed of the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal...more

FDIC Cybersecurity Examinations: A How-To Guide

BCLP on 3/8/2017

FDIC bank examinations generally include a focus on the IT systems of banks with a particular focus on information security. The federal banking agencies issued Interagency Guidelines Establishing Information Security...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

Cybersecurity Risk: Latest Guidance from Bank Examiners

Ruder Ware on 12/2/2016

The Office of the Comptroller of the Currency has indicated in a recent bulletin that its examiners will gradually incorporate a Cybersecurity Assessment Tool into its examinations of national banks and other institutions...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

Bank Regulators Issue Advanced Notice of Proposed Rulemaking on Cyber Risk Governance and Management Regulations

Alston & Bird on 11/1/2016

More regulators (apart from the FTC) are now taking note of cybersecurity issues in the financial services industry and are taking steps to protect the industry and its consumers. Earlier this year, the Consumer...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

Ballard Spahr LLP on 10/21/2016

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

Nutter Bank Report, September 2016

Nutter McClennen & Fish LLP on 9/30/2016

The Federal Reserve Board has released a policy statement that details the framework it will follow in setting the Countercyclical Capital Buffer (“CCB”) for private-sector credit exposures located in the United States. The...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

Patterson Belknap Webb & Tyler LLP on 7/13/2016

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...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

FDIC & Cyber: Words of Warning to Financial Institutions and their Boards

Patterson Belknap Webb & Tyler LLP on 2/23/2016

Financial institutions sit atop a wealth of personal information – not to mention money. In an interconnected world in which sensitive customer information is stored on servers and in the cloud – and online and mobile...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

Financial Services Weekly News - November 2015 #3

Goodwin on 11/19/2015

Regulatory Developments - MSRB Publishes Compliance Advisory for Municipal Advisors: On Nov. 12 the Municipal Securities Rulemaking Board (MSRB) published its first municipal advisor compliance advisory, developed...more

FFIEC Weighs in on Cybersecurity in Light of Unprecedented Risk of Cyber Threats

Carlton Fields on 10/7/2015

As financial institutions of all sizes continue to face unprecedented cybersecurity risk, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool. The Assessment is...more

Financial Services Report, Fall 2015

Morrison & Foerster LLP on 9/18/2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

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