Business Regulation & Regulated Industries

Editors (9)

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McGlinchey Stafford, PLLC

Lynette Hotchkiss

Executive Editor, Business Regulation & Regulated Industries
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The Arefin Law Office

D. Sharmin Arefin

Contributing Editor, Business Regulation & Regulated Industries
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Covington and Burling

Lucille C. Bartholomew

Contributing Editor, Business Regulation & Regulated Industries
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Carlton Fields

Thomas F. Morante

Contributing Editor, Business Regulation & Regulated Industries
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Core States Group

Dredeir Roberts

Contributing Editor, Business Regulation & Regulated Industries
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Davis Polk

Andrew B. Samuel

Contributing Editor, Business Regulation & Regulated Industries
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Troutman Pepper Hamilton Sanders LLP

Barbara T. Sicalides

Contributing Editor, Business Regulation & Regulated Industries
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Liberty University School of Law

Timothy M. Todd

Contributing Editor, Business Regulation & Regulated Industries
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Villanova University Charles Widger School of Law

Lev E. Breydo

Contributing Editor, Business Regulation & Regulated Industries
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MONTH-IN-BRIEF (Apr 2022)

[lwptoc]

Banking Law

Computer-Security Incident Notification Requirements for Banks Become Effective

By Rachael L. Aspery, McGlinchey Stafford, PLLC

On November 23, 2021, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”), jointly issued a final rule with respect to establishing notification requirements for computer-security incidents for banking organizations and bank service providers in order to promote early awareness of emerging threats and enable the agencies to react to the threats before the threats become systemic (“Final Rule”). The Final Rule went into effect on April 1, 2022, with a compliance date of May 1, 2022. The Final Rule is applicable to all banking organizations that are supervised by the Federal Reserve, OCC, and FDIC, but does not apply to designated financial market utilities under 12 U.S.C. § 5462(4).

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