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In Short The Situation: As we advised in our recent Commentary, federal banking regulators have proposed rules requiring a banking organization to provide its primary federal regulator with prompt notification of any computer-security incident that materially disrupts, degrades, or impairs certain important business operations. This proposal adds another reporting requirement for banking organizations. But it might also impact fintechs. The Result: Under the Bank Service Company Act ( BSCA ), a banking organization is required to disclose to their regulators all of its core service companies, but there is no requirement under the BSCA to inform the service company of the designation. ....
Proposed Computer-Security Incident Rule Would Impose Significant Notification Obligations - Finance and Banking mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
To print this article, all you need is to be registered or login on Mondaq.com. In 2005, the Federal Financial Institutions Examination Council (FFIEC) member agencies issued interpretive guidance recommending that financial institutions develop and implement programs designed to address incidents of unauthorized access to sensitive customer information. (See FIL-27-2005). For purposes of this guidance, sensitive customer information includes a customer s name, address, or telephone number in conjunction with a Social Security number, driver s license number, account number, credit or debit card number, or a personal identification number or password that would permit access to the customer s account. It also includes any combination of components of customer ....
In December, we looked at ways fintech companies are making inroads into banking: partnering with banks to offer their services, obtaining bank charters, or seeking alternative structures such as the industrial loan company (ILC) charter. This month we are examining some of the regulatory issues that have surfaced with these new entrants. Fintech Regulation 101 Just as with banks, there is no single licensing or regulatory agency that oversees fintech companies. Depending on their activities, they can be licensed or supervised by local, state or federal regulators on a functional, or activity-based, basis. Prudential (safety and soundness) regulation and licensing are generally handled at the state level for services such as lending, money transmission and insurance. For example, PayPal, one of the oldest fintech firms, has money transmission licenses in all 50 states and has a regulator for each state or territory in which it operates. ....
To embed, copy and paste the code into your website or blog: Keypoint: April 12, 2021 is the deadline to comment on a proposed rule that would require banking organizations and bank service providers to promptly report computer-security incidents. The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively the “agencies”) are requesting public comment on a proposed rule requiring banks to notify the applicable agency within 36 hours when the banks believe in good faith that a significant cybersecurity event has occurred. Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers, 86 Fed. Reg. 2399 (Jan. 12, 2021). ....