U.S. financial examiners’ guidelines underline increasing role of social networks

From: Reuters

By Bora Yagiz, Compliance Complete

NEW YORK, Feb. 13 (Thomson Reuters Accelus) – The guidelines on social media proposed by bank regulators comprising the Federal Financial Institutions Examination Council (FFIEC) in January are intended as a basic tool to help financial institutions identify potential trouble areas and address them as part of an overall risk management program.

The council identified potential risks for financial institutions in the areas including deposit insurance, debt collection practices, use of payments systems, equal access for credit, and bank-secrecy anti-money laundering processes.

NAFCU Reg Relief Manifesto Includes Merchant Data Breach Accountability

From: Credit Union Times

By Heather Anderson

NAFCU on Tuesday outlined a five-point regulatory relief plan the trade will pursue this year.

President/CEO Fred Becker penned the letter to the House Financial Services Committee and Senate Banking Committee that includes initiatives that would hold merchants accountable for the costs of data breaches and provide better access to the Central Liquidity Facility.

The five points detailed in the plan include administrative, structural and operational improvements, as well as reforms to capital rules and data security.

Anger rises as Fed confirms Anonymous hack, downplays US bank emergency system breach

Editor’s Note: For information on federal regulation of cybersecurity, see Regulatory Cyber Security: The FISMA Focus IPD.

From: ZDNet

Summary: The Federal Reserve has confirmed Sunday’s Anonymous hack; ZDNet has learned the exposed information is from thousands of Fed emergency system bank contacts.

By for Zero Day

After Anonymous posted sensitive credentials of over 4,600 banking executives to a government Web site on Super Bowl Sunday, the Federal Reserve acknowledged the attack in a Tuesday morning statement to affected individuals and press.