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Banks may face enhanced cyber-risk management rules

Joe Mont | October 20, 2016

The three federal banking regulatory agencies have issued an advance notice of proposed rulemaking (ANPR) that seeks industry comments on enhanced cyber-security risk-management and resilience standards. The requirements would apply to both large, interconnected entities under their supervision and to services provided by third parties to these firms.

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are considering applying the enhanced standards to depository institutions and depository institution holding companies with total consolidated assets of $50 billion or more, the U.S. operations of foreign banking organizations with total U.S. assets of $50 billion or more, and financial market infrastructure companies and nonbank financial companies supervised by the Federal Reserve. The proposed standards would not...

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