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.
News & Insights
Acting Comptroller of the Currency Michael J. Hsu evaluated the potential impact of open banking on the financial industry and consumers.
In its semiannual risk perspective, the OCC highlighted the operational, credit compliance and interest rate risks impacting the federal banking system.
OCC Acting Comptroller Michael J. Hsu encouraged financial institutions to continue investing in cybersecurity risk mitigation efforts, and to collaborate through financial industry joint efforts aimed at information sharing and collective defense.
The OCC, FDIC and Federal Reserve Board have each published guidance for banks and bank service providers to assist entities in meeting new regulatory obligations on information sharing for cybersecurity incidents impacting the U.S. banking system.