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Entries in Financial Institution Letter (5)

Friday
Apr182014

FDIC to Banks: Be Vigilant about Cyber-Security

Earlier this month, the FDIC issued guidance to financial institutions to help them address risks associated technology outsourcing and cyber security. On April 7th, the FDIC issued FIL-13-2014 entitled “Technology Outsourcing: Informational Tools for Community Bankers.” Three days later, on April 10th, the FDIC issued a press release entitled “FDIC Urges Financial Institutions to Utilize Available Cyber Resources.”

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Thursday
Apr032014

Bank Regulators Warn About Cyber-Attacks

On April 2, 2014, the FDIC issued a Financial Institution Letter notifying banks of recent “large dollar” ATM fraud and related cyber-attacks aimed at tapping into web-based control panels for ATMs. The FDIC highlighted a recent $40 million theft involving the use of 12 debit card accounts. The FIL included guidance for financial institutions related to reducing financial and other risks associated with cyber-attacks.

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Tuesday
Oct152013

FDIC Asks Bank Directors and Officers: Are You Covered?

The Federal Deposit Insurance Corporation wants its members to sure that their director and officer liability insurance is adequate. On October 10, 2013, the FDIC issued an Advisory Statement urging banks to review their D&O policies to ensure the policies provided sufficient coverage to attract and retain high quality individuals.

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Wednesday
Oct092013

FDIC Letter: Four Steps for Managing Interest Rate Risk

On October 8th, the FDIC issued a Financial Institution Letter (FIL-46-2013) entitled “Managing Sensitivity to Market Risk in a Challenging Interest Rate Environment.” The letter outlines four key areas for banks to consider in managing the risk of rising interest rates.

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Friday
Nov092012

FFEIC updates Technology Service Provider Oversight Guidlines

On November 6th, the FFEIC issued updated guidelines related to the supervision and examination of Technology Service Providers (TSPs), which are regulated under the Bank Service Corporation Act (BSCA).  The updates were issued on behalf the Federal Reserve Board, the FDIC, and the OCC.

The new Supervision of Technology Service Providers booklet replaces the prior booklet from March 2003, and rescinds Supervisory Policy 1 (1991) and Supervisor Policy 11 (1995).  The TSP Booklet is available here

In addition, the agencies issued new Administrative Guidelines which summarize how the three agencies implement the TSP supervision program – including which TSP’s to supervise, the frequency examinations, and the process of examinations.  The new Guidelines are available here.    

The Financial Institution Letter announcing the new guidelines is available here