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FRS | RIN: 7100-AG06 | Publication ID: Fall 2021 |
Title: Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers--(Docket No: R-1736) | |
Abstract:
The Office of the Comptroller of the currency, the Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (together, the Agencies) invite comment on a notice of proposed rulemaking (proposed rule or proposal) that would require a banking organization to provide its primary federal regulator with prompt notification of any computer-security incident” that rises to the level of a notification incident.” The proposed rule would require such notification upon the occurrence of a notification incident as soon as possible and no later than 36 hours after the banking organization believes in good faith that the incident occurred. This notification requirement is intended to serve as an early alert to a banking organization's primary federal regulator and is not intended to provide an assessment of the incident. Moreover, a bank service provider would be required to notify at least two individuals at affected banking organization customers immediately after the bank service provider experiences a computer-security incident that it believes in good faith could disrupt, degrade, or impair services provided for four or more hours. |
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Agency: Federal Reserve System(FRS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 225 | |
Legal Authority: 12 U.S.C. 321 12 U.S.C. 1467 12. U.S.C. 5365 12 U.S.C. 322 ... |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Nida Davis Associate Director Federal Reserve System Division of Supervision and Regulation, Washington, DC 20551 Phone:202 872-4981 Julia Philipp Lead Financial Institution Cybersecurity Policy Analyst Federal Reserve System Division of Supervision and Regulation, Washington, DC 20551 Phone:202 973-5059 Jay Schwarz Assistant General Counsel Federal Reserve System Legal Division, Washington, DC 20551 Phone:202 452-2970 |