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Federal Financial Institutions Examination Council Risk Management

FFIEC Updates Cybersecurity Assessment Tool

by Balch & Bingham LLP on

On May 31, 2017, the Federal Financial Institutions Examination Council (FFIEC) released an update to its Cybersecurity Assessment Tool. The Cybersecurity Assessment Tool was originally released by the FFIEC in June of...more

The Bank Next Door: Part I – Using Social Media to “Friend” Customers

This blog is the first in a series of articles which will examine the risks, rewards, innovative uses, and changing legal landscape of social media use by financial services institutions. Future blog articles will examine...more

FDIC Cybersecurity Examinations: A How-To Guide

by Bryan Cave on

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

by Hogan Lovells on

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

by Ruder Ware on

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

Financial Services Weekly News - November 2016 #3

by Goodwin on

Editor's Note - A Possible Blueprint for Financial Regulatory Reform in the Trump Administration. During his campaign, President-elect Trump consistently emphasized that financial regulatory reform is a critical...more

Banking Regulators Propose Enhanced Cyber Risk Management Standards

by McGuireWoods LLP on

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

by Alston & Bird on

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

by Ballard Spahr LLP on

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

FFIEC IT Security Booklet Revised

by McGuireWoods LLP on

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 Releases Updates to Information Security Booklet

by Baker Donelson on

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

New York proposes cybersecurity regulation aiming to protect financial services companies from criminal enterprises

by DLA Piper on

The New York State Department of Financial Services (NYDFS) has set forth a proposed cybersecurity regulation for financial service companies. Announced this week by New York  Governor Andrew M. Cuomo, the proposed rule seeks...more

FFIEC Provides Banks with Guidance Following the SWIFT Hacks

by McGuireWoods LLP on

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

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

by Davis Wright Tremaine LLP on

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

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

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

New Mobile Financial Services Appendix

by Davis Wright Tremaine LLP on

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

Mobile Financial Services Addressed in FFIEC Examination Handbook

by Ballard Spahr LLP on

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

OCC’s Cybersecurity Regulatory Expectations: A Call to Action

Not surprisingly, cybersecurity remains a top examination priority for the Comptroller of the Currency (“OCC”). And that means national banks and federal savings associations – and their leadership teams – should be prepared...more

Nutter Bank Report, November 2015

by Nutter McClennen & Fish LLP on

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

Corporate and Financial Weekly Digest - Volume X, Issue 44

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Issues Investor Alert Regarding IRS Phone Scam - The Financial Industry Regulatory Authority issued an Investor Alert warning investors about a phone scam involving phone calls allegedly...more

Cyber-Risks 2015 – A Board Primer

Cyber-risk is a witch’s brew of reputational, operational, legal and financial dangers. This toxic combination exposes a financial institution to a potentially existential hazard when an intrusion occurs. The only way to...more

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more

Assessing Your Cybersecurity Preparedness: It May Be Time to Update Your Bank’s Information Security Plan and Response Program

by Balch & Bingham LLP on

With increased oversight, regulatory scrutiny and risk related to cybersecurity, now is the time for those in the banking industry to be proactive in managing cybersecurity risk. Waiting until a breach occurs to formulate or...more

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Cybersecurity

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