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Financial Services Law Insights and Observations

Agencies seek comment on renewing FFIEC’s cybersecurity assessment tool

Bank Regulatory Agency Rule-Making & Guidance Federal Issues OCC Federal Reserve FDIC NCUA FFIEC Privacy, Cyber Risk & Data Security

On August 8, the OCC, the Federal Reserve Board, the FDIC, and the NCUA (collectively, “Agencies”) issued a notice in the Federal Register soliciting comments on the renewal of the Federal Financial Institutions Examination Council’s cybersecurity assessment tool. According to the notice, the Agencies are seeking comment on, among other things: (i) “[w]hether the collection of information is necessary for the proper performance of the functions of the agencies, including whether the information has practical utility”; (ii) “[t]he accuracy of the Agencies’ estimates of the burden of the collection of information; (iii) how to “enhance the quality, utility, and clarity of the information to be collected”; and (vi) “minimize[ing] the burden of the collection on respondents.” Comments are due 30 days after publication in the Federal Register.