New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
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Acting Comptroller of the Currency Michael J. Hsu argued that careful consideration should be given to any regulatory enhancements to help ensure that "updated liquidity risk management practices are implemented and sustained systematically and consistently, especially across midsize and large banks."
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.
The New York State Department of Financial Services fined and delicensed a virtual currency trading firm for numerous compliance violations of New York State's Virtual Currency Regulation.
Acting Comptroller of the Currency Michael J. Hsu prioritized "restoring public trust in the federal banking system" after the liquidity crisis, consequent market disruptions and bank failures early in the calendar year.