News & Analysis as of

Cybersecurity Risk: Latest Guidance from Bank Examiners

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

FFIEC finalizes revised consumer compliance rating system

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS).  The revisions...more

New Cybersecurity Reporting Requirements? FinCEN Advisory Identifies Cybersecurity Events for Financial Institutions to Report

Last week, FinCEN (Financial Crimes Enforcement Network) issued a formal Advisory to Financial Institutions and published FAQs outlining specific cybersecurity events that should be reported through Suspicious Activity...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

FFIEC Issues FAQs on the Cybersecurity Assessment Tool

On October 18, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued answers to frequently asked questions (FAQs) to clarify points in FFEIC’s Cybersecurity Assessment Tool (Assessment). FFIEC released...more

FDIC Releases Revised MLA Exam Procedures and Sets Supervisory Expectations

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The revised procedures...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

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

New York's New Cybersecurity Rules: What Is Required?

The new cybersecurity rules proposed by the New York State Department of Financial Services require financial services institutions to have extensive cybersecurity protections in place; including cybersecurity programs,...more

FFIEC to Host Webinars on Mobile Financial Services and the FS-ISAC to Promote Bank Cybersecurity Preparedness

On October 6, 2013, the Federal Financial Institutions Examination Council (FFIEC) announced that it will host two webinars with the goal of increasing cybersecurity preparedness by its member financial institutions. FFIEC’s...more

FFIEC IT Security Booklet Revised

On September 9, 2016 the Federal Financial Institution Examination Council (FFIEC) updated its Information Security Booklet (available here). In addition to certain editorial non-substantive changes, the modifications...more

FFIEC Offers Guidance on Information Security Exams

How will examiners review the information security programs of financial institutions? Revised guidance from the Federal Financial Institutions Examination Council (FFIEC) provides help to banks by articulating the...more

FFIEC Releases Updates to Information Security Booklet

The Federal Financial Institutions Examination Council (FFIEC) recently revised their Information Security Booklet. This moves the financial services industry one step closer to defining clear cybersecurity and data...more

FFIEC Provides Concrete Guidance on Setting Up Information Security Programs

The Federal Financial Institutions Examination Council (FFIEC)—the interagency body tasked with setting uniform principals and standards for the examination of financial institutions by federal prudential regulators,...more

FFIEC Provides Banks with Guidance Following the SWIFT Hacks

On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) reminded banks of the cyber risks associated with interbank messaging and wholesale payment networks. FFIEC made its announcement after hackers...more

FFIEC Suggests Changes to Call Report for Small Institutions

The Federal Financial Institutions Examination Council (FFIEC) on Friday announced that it will accept public comment on proposed revisions to the existing Consolidated Reports of Condition and Income (FFIEC 041) that would...more

Member Of The Federal Reserve’s Board Of Governors Notes Benefits Of Consistent Cybersecurity Exam Approaches

On June 24, 2016, in a response letter to Senator Dean Heller (R-NV), Daniel Tarullo, a member of the Board of Governors of the Federal Reserve System, highlighted the benefits of consistent cybersecurity supervisory...more

FFIEC Issues New Cybersecurity and Data Privacy Guidelines for Mobile Banking

Mobile banking is a convenient and powerful tool that provides customers with a bevy of cutting-edge services, including mobile check deposits, on-the-go bill pay, and peer-to-peer payments. For financial institutions, this...more

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

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

Ukrainian bank loses $10 million in latest swift cyber-attack

An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more

FFIEC Warns of Cyber Attacks

The Federal Financial Institutions Examination Council (FFIEC) reiterated the importance of banks protecting themselves from cyber attacks in a newly issued statement, urging financial institutions to "actively manage the...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

New Guidance From FFIEC on Mobile Financial Services

Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more

Mobile Financial Services Addressed in FFIEC Examination Handbook

The federal body tasked with creating standards for the uniform regulation of financial institutions has released new information to assist examiners in evaluating mobile services offered by financial institutions and their...more

FFIEC proposes new rating system

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision...more

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