The American Bankers Association today joined the Bank Policy Institute and the Securities Industry and Financial Markets Association in a comment letter to the National Institute of Standards and Technology offering feedback on the NIST’s draft report on cybersecurity considerations for open banking.
The crypto-asset market could reach a point where it presents a threat to global financial stability, according to a new report released today by the Basel, Switzerland-based Financial Stability Board.
Small and midsize business lending fraud in the U.S. increased 6.9% in 2021 from a year earlier, according to a recent study from LexisNexis Risk Solutions.
In a statement for the record shared ahead of a House Financial Services subcommittee hearing on stablecoins today, the American Bankers Association agreed with a recent report from the President’s Working Group on Financial Markets that action is “urgently needed” to address gaps in regulation of the stablecoin market.
An interagency final rule is designed to improve the sharing of information about cyber incidents that may impact the nation’s banking system and requires banks to notify their primary federal regulator.
A new survey from TD Bank and Strategic Treasurer found that 81% of bank respondents see cyber fraud as the top concern with respect to the global economy.
The pandemic has created many new challenges and changed the fraud risk landscape—perhaps permanently. It has also provided a training ground for a new generation of fraud attackers.
Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
Establishing a significantly higher standard for ongoing cybersecurity and resilience in the face of what are now persistent attacks.
The Financial Crimes Enforcement Network is exploring the creation of regulatory sandboxes to test new methods of transaction monitoring, FinCEN Acting Director Him Das said today at the ABA/ABA Financial Crimes Enforcement Conference.