#2022-12, April 22, 2022

President Nominates Michael Barr for Fed Vice Chairman for Supervision

Late last week, President Biden announced that he will nominate Michael Barr to serve as the next vice chairman for supervision at the Federal Reserve.  Barr is a law and public policy professor at the University of Michigan.  He previously served in the Treasury Department during the Obama administration and was a key negotiator during the consideration of the Dodd-Frank Act.

The nomination comes after Sarah Bloom Raskin, President Biden’s first pick for vice chair, withdrew last month after failing to obtain support from enough senators to be confirmed.

To read more, click here.

CISA Issues Alert on Russian State-Sponsored and Criminal Cyber Threats to Critical Infrastructure

Earlier this week, the Cybersecurity and Infrastructure Security Agency (CISA) issued an alert warning business that Russia’s invasion of Ukraine could expose organizations both within and beyond the region to increased cyberattacks.  Evolving intelligence indicates that the Russian government is exploring options for potential attacks and Russian state-sponsored cyber operations have included distributed denial-of-service (DDoS) attacks and have included deployment of destructive malware against Ukrainian government and critical infrastructure organizations.

To read the full alert, click here.

Regulators Hosting Webinar on Computer-Security Incident Notification Rule on April 28

As we reported previously, last November the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a final rule on computer-security incident notification.  The rule is designed to improve the sharing of information about cyber incidents that may affect the banking system.  Banks must comply with the rule by May 1, 2022.

To assist banks that have questions about the rule, the regulatory agencies are hosting an Ask the Regulators webinar on Thursday, April 28, 2022, at 2:00 PM.  The program is intended for banking organizations and their bank service providers, as defined in the computer-security incident notification final rule.  During the webinar, the Agencies will respond to questions submitted in advance from banking organizations and bank service providers.  Please email questions in advance of the webinar to asktheregulators@stls.frb.org.

Registration for the webinar is now available at: https://www.webcaster4.com/Webcast/Page/584/44888