Breach Notification Requirement Finalized by US Banking Regulators

Mayer Brown

On November 18, 2021, the Board of Governors of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation finalized new cyber incident notification requirements for institutions that they regulate and their service providers. The Notification Rule expands and clarifies existing notification obligations of financial institutions, which are primarily focused on consumer protection and suspicious activity reporting.

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