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Today, Deputy Secretary Sarah Bloom Raskin hosted top officials of the Financial and Banking Information Infrastructure Committee (FBIIC) to discuss cybersecurity policy issues in the financial sector. The Treasury Department chairs this Committee, which coordinates critical infrastructure matters in the financial sector.
At today’s meeting, the Federal Bureau of Investigation (FBI) provided the Committee with insights on the current cyber threat landscape. Committee leadership also discussed efforts to increase information sharing among FBIIC member agencies and the development of common risk-based approaches to managing cybersecurity risk, as was described in the latest annual report of the Financial Stability Oversight Council (FSOC).
Securities and Exchange Commission (SEC) Chair Mary Jo White and Commodity Futures Trading Commission (CFTC) Chair Timothy Massad presented their agencies’ overall approaches to cybersecurity and an overview of applicable exams, rules, and other actions related to cybersecurity. Additionally, Committee members were briefed on the results of recent cyber exercises, coordinated by FBIIC and FSOC member agency staff, which evaluated the impact of a cyber incident on financial stability.
Through these regular meetings, senior leadership of the Committee’s member agencies coordinate cybersecurity strategy and policy developments, including strengthening information sharing on cyber vulnerabilities, threats and incidents; furthering the adoption of cybersecurity best practices; and enhancing the financial sector’s ability to respond to and recover from cyber incidents.
Meeting participants included:
Sarah Bloom Raskin, Deputy Secretary, U.S. Department of the Treasury
Caroline Jones, Chair, American Council of State Savings Supervisors
Timothy Massad, Chairman, Commodity Futures Trading Commission
Charles Cooper, Chairman of the Board of Directors, Conference of State Bank Supervisors
Richard Cordray, Director, Consumer Financial Protection Bureau
Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation
Janet Yellen, Chair, Federal Reserve Board
Daniel Tarullo, Governor, Federal Reserve Board
Charles Evans, President & CEO, Federal Reserve Bank of Chicago
William Dudley, President, Federal Reserve Bank of New York
Adam Hamm, Commissioner, National Association of Insurance Commissioners
Stephen Pleger, Chair, National Association of State Credit Union Supervisors
Rick Metsger, Chairman, National Credit Union Administration
Michael Rothman, President Elect, North American Securities Administrators Association
Thomas J. Curry, Comptroller, Office of the Comptroller of the Currency
Mary Jo White, Chair, Securities and Exchange Commission
Stephen P. Harbeck, President & CEO, Securities Investor Protection Corporation
About the FBIIC:
The FBIIC consists of 18 member organizations from across the financial regulatory community, both federal and state. It was chartered under the President’s Working Group on Financial Markets following September 11, 2001 to improve coordination and communication among financial regulators, enhance the resiliency of the financial sector, and promote public-private partnership.
