OCC Risk Report Cites Cyber and FinTech


The Office of the Comptroller of the Currency yesterday released its Semiannual Risk Perspective for Fall 2016 discussing risks facing national banks and federal savings associations. Other key risk areas include fintech, cybersecurity, anti-money laundering, and the easing underwriting practices.  American Banker breaks down the report, highlighting the “new focus of ‘governance over sales’ as…

Bank of America Creates Data Maps to Prepare for Cyberattack – CIO Journal. – WSJ


Bank of America’s merchant services group, which handles transactions with Visa and MasterCard, requires detailed information, including maps, from third-party partners, said JoAnn Carlton, general counsel for the group, speaking at the conference. Ms. Carlton is prepared to stop working with vendors, suppliers and other partners that won’t assume responsibility for the bank’s data when…

FFIEC: Review Risk Management Practices and Controls Over IT and Wholesale Payment Systems Networks


The [FFIEC], on behalf of its members, today issued the attached statement in light of recent cyber attacks, to remind financial institutions of the need to actively manage the risks associated with interbank messaging and wholesale payment networks. Financial institutions should review their risk management practices and controls over information technology (IT) and wholesale payment…