This is the summary of this week’s regulatory updates and changes:
The Federal Financial Institutions Examination Council (FFIEC) launched a Web page on Cyber Security awareness. The Web page is a central repository for current and future FFIEC – related materials on Cyber Security - See more details.
On June 18th, the Basel Committee published guidelines for identifying and dealing with weak banks for the purpose of receiving comments from supervisory agencies.
In the report a weak bank is defined as “one whose liquidity or solvency is impaired or will soon be impaired unless there is a major improvement in its financial resources, risk profile, business model, risk management systems and controls, and/or quality of governance and management”.