Posted October 24, 2016
Regulators Propose New Rules to Address Systemic Cyber-Risk
On Oct. 19, 2016, The Federal Reserve Board of Governors, the FDIC and the Office of the Comptroller of the Currency (OCC) announced proposed regulations in relation to cyber-risk management, primarily aimed at financial institutions with more than $50 billion in total assets and their subsidiaries, as well as third parties considered to be systemically significant within the financial sector. The agencies are expected to file a joint advance notice of proposed rulemaking within the next week.
The proposed standards, which would be tiered according to size and interconnectedness, would require companies “to be capable of operating critical business functions in the face of cyber-attacks and continuously enhance their cyber resilience,” as well as maintain “secure, immutable, off-line storage of critical records.”
The new rules will be open for public comment until Jan. 17, 2017.
Potential House and Senate Committee Leaders in the 115th Congress
As the upcoming election draws closer, the wrangling for position in Washington DC is heating up. While the House Financial Services Committee Chair and Ranking Member are not likely to change, these slides give a good overview of other important leadership positions and how they may be impacted after November.
Control of the Senate is up for grabs in the upcoming November elections. These slides provide some possible changes to leadership of the major committees in the event of a change in control. Of particular note is that Senate Banking Committee Chairman Richard Shelby (R-Ala.) will be term limited and will likely be replaced by either Senator Mike Crapo (R-Idaho) or Senator Sherrod Brown (D-Ohio).