Federal Banking Agencies Strengthen Security Measures for Bank Exams

The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued a joint statement to protect sensitive information during bank examinations.

The agencies recognize that financial institutions maintain highly sensitive information, which could be compromised if not handled properly.

To strike a balance between effective supervision and cybersecurity risks, the agencies propose a risk-based framework for handling sensitive information. Banks and examiners will work together to identify highly sensitive data and develop a plan to handle it appropriately.