Federal Reserve May Move On Cyber Standards This Fall

Law360 (May 23, 2019, 7:55 PM EDT) -- The Federal Reserve announced Wednesday that it might take further action this fall on proposed cybersecurity standards for big banks and their vendors in the face of increasingly prevalent cyberthreats, reviving a rulemaking that had been put on the back burner in 2017.

The Fed, along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., jointly issued an advance notice of proposed rulemaking on cybersecurity regulations back in October 2016, asking banks for feedback on ideas to prevent hacking and limit the influence of cyberattacks.

The proposed plan would require bank holding companies with $50...

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