The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
The Federal Reserve Board solicited feedback on whether to amend regulations on reserve requirements to lower the rate of interest paid on excessive balances maintained at FRB banks by eligible institutions.
New York State Department of Financial Services Superintendent Maria Vullo reminded regulated entities that they must be in full compliance with the requirements of NYDFS cybersecurity regulation by March 1, 2019.
In a semiannual risk report, the Office of the Comptroller of the Currency reported on the operating environment, performance, emerging risk, trends and supervisory actions at national banks and federal savings associations.
The Federal Reserve Bank of New York Executive Vice President Richard Dzina discussed the current state of cyber resilience and endpoint security and highlighted several questions intended to "advance the industry discourse and to consider measures to meet the present challenge."
The Federal Financial Institutions Examination Council alerted financial institutions to the potential impact that cyber-related sanctions may have on information technology, operations and compliance.
New York Department of Financial Services Superintendent Maria Vullo reminded all DFS-regulated entities covered by DFS's cybersecurity regulation that the third transitional period of New York's "first-in-the-nation" cybersecurity regulation terminates on September 4, 2018.
In its 2018 Semiannual Risk Perspective, the Office of the Comptroller of the Currency reiterated several key risks facing the federal banking system and expressed concern over the impact of rising interest rates.
Senators questioned whether the Consumer Financial Protection Bureau investigation into the Equifax data breach has been halted. The letter comes in response to a recent report suggesting Acting Director Mulvaney relaxed the investigation.
Board of Governors of the Federal Reserve System member Lael Brainard discussed the importance of facilitating FinTech innovation while also allowing consumers to maintain control over their financial data.