The FTC proposed to amend the GLBA, including requirements for encryption, access, and authentication.
The FTC proposed amendments to the GLBA Safeguards Rule that would require financial institutions to encrypt customer data, prevent unauthorized access, use multifactor authentication, and require periodic Board reporting.
The FSOC proposed guidance that would amend its nonbank SIFI designation process by introducing a system-wide “activities-based approach” focused on products, activities, and practices.
The Federal Reserve:
The OCC released guidance for OCC-supervised entities about key data fields examiners will “typically use to test and validate the accuracy and reliability” of HMDA data collected beginning in 2018.
The federal banking regulators are considering revisiting their previously proposed:
The House Financial Services Committee conducted its semi-annual hearing on the CFPB with a focus on the Bureau’s Office of Fair Lending, the Military Lending Act, student lending, payday lending, and the complaints database; upcoming hearings will address “megabanks,” the National Flood Insurance Program, and financial crimes.
The Senate Committee on Homeland Security conducted a hearing to examine private sector data breaches.
A CFTC Commissioner announced a data protection initiative to inform the agency’s policies for data collection, access, controls, cyber security, and retention.
The U.S. stock exchanges have selected the Financial Industry Regulatory Authority (FINRA) to serve as the plan processor for the consolidated audit trail. (Catnmsplan.com)
The BCBS and IOSCO released a statement on the final implementation stages of the framework for margin requirements on non-centrally cleared derivatives, acknowledging the potential need to amend certain contracts in response to interest rate benchmark reforms.
The BIS highlighted a growing exposure to BBB-rated bonds in the portfolios of investment grade corporate bond mutual funds in the U.S. and Europe.