Links in “FFIEC”

Sen. Dean Heller requested that the FSOC and the FFIEC coordinate their efforts for a more consistent examination approach. When firms have to constantly adjust and educate regulators to adhere to new sets of regulatory requirements regarding cybersecurity, this diverts critical resources and ultimately distracts from actually fighting cybercrimes. [3/8/16]

The CFPB and FFIEC released two  "file specification" instructions for compliance with the updated Home Mortgage Disclosure Act (HMDA) data submission requirements. Though these requirements do not become effective til January 1, 2018, keeping up-to-date on rule changes can prevent future headaches. [2/26/16]

Looking to make the FFIEC’s Cybersecuirty Risk Assessment tool more manageable and effective? Mike Stottlemyer, director of operations at AffirmX, introduces to us a new tool his firm has created to help institutions better manage data and monitor their progress while using the FFIEC’s tool. [2/12/16]

A wave of cyber extortion appears to be heading our way. The question is no longer if it might hit, but when. The Federal Financial Institutions Examination Council released a statement warning financial institutions about the increasing frequency and severity of cyber attacks involving extortion. What do these attacks look like and what should you be doing about them now? [1/26/16]

The NCUA has announced its exam priorities for 2016 and they include a continued focus on interest rate risk, the new CUSO registration, TRID compliance, and BSA compliance—particularly as it relates to money services businesses and incident response programs.  NCUA also indicated that it will be incorporating the new FFIEC cybersecurity self-assessment process into its examination priorities by the third quarter. [1/12/16]

FFIEC has revised its "Management" booklet that examiners use in conducting their IT exams. [11/23/15]

The FFIEC is warning financial institutions about the increasing frequency and severity of cyber attacks involving extortion. What can be done to prepare for such attacks? Dennis Agle, CIO of AffirmX, breaks down the report and brings us up to speed in this episode of Risk Watch. [11/20/15]

Letter acknowledges that overhauling the Call Report, which currently contains almost 2,000 line items, will take significant care and effort, but applauds the FFIEC plan to make Call Report reform an ongoing work. [11/18/15]

In fact, the FFIEC has made substantial revisions to the Management Booklet, which is part of its Information Technology Examination Handbook. The revisions include the incorporation of cybersecurity concepts, the incorporation of management-related concepts, and changes to the IT risk management process from risk identification, including measurement, mitigation, monitoring, and reporting. [11/11/15]

Activists have reportedly stolen sensitive business and consumer data. Their modus operandi is to demand that a business take a particular action or release the data publicly. The FFIEC wants your financial institution to be prepared to face such a cyber-extortion attempt. [11/4/15]