Mitigation

Eight national trade groups petitioned the Consumer Financial Protection Bureau to initiate a rulemaking that will strengthen the privacy and security of consumer financial data held by fintechs, Big Tech and data aggregators.

The value of outstanding stablecoins grew roughly fivefold last year, the Federal Reserve said in its 2021 annual report.

The FDIC published a fact sheet to consumers and an advisory to financial institutions on FDIC deposit insurance and crypto companies.

While legislation is urgently needed to address risks posed by unregulated stablecoins, taking up last-minute legislation at this week’s House Financial Services Committee markup would be premature, ICBA told the panel.

The Financial Services Information Sharing and Analysis Center’s latest weekly risk report details the Holy Ghost ransomware group, which has been active for more than a year and has connections to North Korea.

ICBA called on federal regulators to continue building on the Cybersecurity Assessment Tool risk assessment framework while keeping it voluntary.