The U.S. House of Representatives passed a bill that would require banking regulators to provide an annual report to the House Committee on Financial Services and the Senate Banking Committee on efforts to strengthen cybersecurity supervision and regulation of financial institutions.
H.R. 4458 ("Cybersecurity and Financial System Resilience Act of 2019") would require the Federal Reserve Board, FDIC, National Credit Union Administration and OCC to provide annual reports on how they are strengthening their supervision and regulation of financial institutions and third-party service providers as to cybersecurity threats. Specifically, the regulators would be required to report on (i) their policies and procedures that guard against cyberattacks and (ii) their activities to ensure the effective implementation of those policies.
Under the bill, the regulators would report on "any current or emerging threats that are likely to pose a risk to the resilience of the financial system."
The report is intended to be public, but the regulators could choose to include a classified annex.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
