There were two noteworthy regulatory and compliance updates for banks and credit unions in November of 2022. Below are the details on these changes and how they affect you and your institution.
FinCEN: Ransomware Reporting has Increased
On November 1, 2022 FinCEN released its most recent Financial Trend Analysis of ransomware-related BSA filings for 2021, and reported that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public. The report focuses on ransomware trends in BSA filings from July-December 2021 and addresses the extent to which a substantial number of ransomware attacks appear to be connected to actors in Russia.
This latest report builds on FinCEN’s October 2021 report on the same topic. Among the principal findings in the report:
· Reported ransomware-related incidents have substantially increased from 2020.
· Ransomware-related BSA filings in 2021 approached $1.2 billion.
· Roughly 75 percent of the ransomware-related incidents reported to FinCEN during the second half of 2021 pertained to Russia-related ransomware variants.
Why Is This Important to Me?
Ensure colleagues are aware of the increase in ransomware-related incidents and discuss potential training opportunities with the proper stakeholders.
OCC Hosts Virtual Innovation Office Hours
The OCC is hosting virtual “Innovation Office Hours” on December 14-15, 2022 to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with representatives from the OCC Office of Innovation to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in financial services.
Why Is This Important to Me?
Share this with colleagues who are responsible for innovation in your institution as an opportunity to discuss responsible banking with the OCC.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.