Discrimination and Bias in Residential Lending
The Importance of Assessment Areas
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
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
Organizations of all types are increasingly subject to data theft and loss, whether the asset is customer information, intellectual property, or sensitive company files. The federal government and, thus, its private...more
On April 10, the Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discussing cyber insurance and its potential role in the risk management programs of financial institutions. ...more
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
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
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
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
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
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
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
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
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
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
Amid the recent increase in hacker extortion cases, the Federal Financial Institutions Examination Council (“FFIEC”) issued a statement on November 3 (the “Statement”) describing steps financial institutions should take to...more
Last week, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement warning of an “increasing frequency and severity of cyber attacks involving extortion.” The statement warned that criminals...more
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
Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more
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
Part of Bradley Arant’s Privacy and Information Security Team’s seven-part Data Breach Toolkit Webinar Series, the “Data Breach Response Planning: Laying the Right Foundation” webinar, led by Paige Boshell and Amy Leopard,...more
Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in...more
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
The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more
Seventh Circuit Decision May Make It Easier for Class Action Plaintiffs to Establish Standing in Data Breach Cases - The Seventh Circuit has issued a decision that could make it much easier for class action plaintiffs to...more
In This Presentation: - Regulatory expectations for financial institutions - Risks for financial institutions - Planning to reduce risks - The Breach - Duties and responsibilities -...more