Clifford Chance

Federal Banking Agencies Consider Tough Cybersecurity Regulations

27 October 2016

On October 19, 2016, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued an advanced notice of proposed rulemaking that would establish enhanced cyber security standards.  The Proposed Rules would apply to large institutions subject to the Agencies' jurisdiction, including U.S. bank holding companies with total consolidated assets of $50 billion or more, banks with total consolidated assets of $50 billion or more; the U.S. operations of foreign banking organizations with total U.S. assets of $50 billion or more, and nonbank financial companies supervised by the Federal Reserve pursuant to section 165 of the Dodd-Frank Act.

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