FFIEC Forms Cybersecurity and Critical Infrastructure Working Group

June 7The Federal Financial Institutions Examination Council (FFIEC) formed a working group yesterday to further promote coordination across the federal and state banking regulatory agencies on critical infrastructure and cybersecurity issues.

The Cybersecurity and Critical Infrastructure Working Group will enhance communication among the FFIEC member agencies and build on existing efforts to strengthen the activities of other interagency and private sector groups, such as the FFIEC’s Information Technology Subcommittee of the Task Force on Supervision, the Financial and Banking Information Infrastructure Committee, the Financial Services Sector Coordinating Council, and the Financial Services Information Sharing and Analysis Center. These efforts are important in light of the growing sophistication and volume of cyber attacks and the global importance of critical financial infrastructure.

The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions. In 2006, the State Liaison Committee (SLC) was added to the Council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS). Tom Candon (VT) is NASCUS' represenative on the SLC.

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