Compliance

New York Finalizes Cybersecurity Rules

The New York Department of Financial Services today issued final regulations that will require NY chartered banks and affiliates to establish and maintain a cybersecurity program as part of an ongoing effort to protect consumers and the state’s financial system from cybercrime.

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FDIC Watchdog Highlights Gaps in Banks’ Vendor Contracts

Few banks’ contracts with technology service providers (TSPs) provide sufficient detail about the providers’ business continuity and incident response capabilities and duties, according to a report issued today by the FDIC’s independent inspector general.

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DOJ Releases ADA Website Accessibility Tools

The Department of Justice recently published an “ADA Best Practices Tool Kit,” which includes website accessibility guidance and a checklist that can be used to verify compliance with the Americans with Disabilities Act.

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ABA, Groups Seek Forbearance on Variation Margin Rule

With a March 1 compliance deadline looming for when swap dealers and major swap participants must exchange variation margin for swaps not cleared through a central counterparty, the ABA Securities Association and several other trade groups have urged regulators to provide a transition period to facilitate compliance.

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Toomey: Time to Rethink CCAR

In a letter yesterday to Federal Reserve Chair Janet Yellen, Sen. Pat Toomey (R-Pa.) called for the Fed to do away with its Comprehensive Capital Analysis Review process for banks with $10 billion or more in assets.

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Fed, OCC Release 2017 Stress Test Scenarios

The Federal Reserve today released the three economic and financial market scenarios that it will use in the next round of the Comprehensive Capital Analysis and Review process for 34 of the nation’s largest financial institutions, including one participating in CCAR for the first time.

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