U.S. Federal Banking Regulators Seek Comment on Proposed Enhanced Cybersecurity Risk Management Standards

Taking a proactive approach in their continuing efforts to help the nation’s largest banks withstand a major cyberattack, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) announced on October 19, 2016, that they have jointly approved an advance notice of proposed rulemaking (ANPR) requesting comment on a set of enhanced cybersecurity risk management standards for large and connected entities under their supervision, as well as services provided by third parties to those entities.

TIP: Get more details on the ANPR from Volume 11, Number 40 of Winston & Strawn’s Financial Services Newsletter, which is provided in conjunction with Lexis® Securities Mosaic®.