A non-U.S. bank and its New York State branch settled separate charges with the Federal Reserve Board and the New York Department of Financial Services for unauthorized disclosure of confidential supervisory information and anti-money laundering and related violations.
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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.
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.
The Federal Reserve Board reported to Congress on cybersecurity risk management practices at financial institutions and efforts to address emerging risk.
Federal Reserve Board Governor Michelle W. Bowman cautioned banks about cybersecurity risks related to third-party technology firms and stressed the responsibility of banks to manage these risks.