Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.
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In remarks before the U.S. Treasury Market Conference, Federal Reserve Board Vice Chair for Supervision Michael S. Barr identified and responded to challenges facing the Treasury market.
Federal Reserve Board Chair Jerome H. Powell swore in FRB Governor Philip N. Jefferson as Vice Chair, and FRB Governor Lisa D. Cook and Dr. Adriana D. Kugler as Board members.
The Federal Reserve Board reported to Congress on cybersecurity risk management practices at financial institutions and efforts to address emerging risk.
A foreign banking organization settled charges with the Federal Reserve Board for failing to address known risks associated with a client investor that had an “increasingly concentrated [total return swaps] portfolio.”