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.
Five key factors for risk managers and C-suites in the year ahead.
Confronting the disconnect between the law enforcement experts who understand how the criminals commit crimes and the financial industry experts who understand how the money moves.
Customers accessing digital-asset markets, including stablecoins, are best served when they can do so through fully regulated banks, ABA tells Senate Banking Committee.