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Sunday, July 30, 2006

Federal Financial Regulators Release Updated Information Security Booklet

The Federal Financial Institutions Examination Council today issued revised guidance for examiners and financial institutions to use in identifying information security risks and evaluating the adequacy of controls and applicable risk management practices of financial institutions.
The Offıce of Thrift Supervision (OTS), along with the other federal banking agencies, has released the revised Information Security Booklet and an Executive Summary of the Federal Financial Institutions Examination Council’s (FFIEC) Information Technology Examination Handbook.
The FDIC Board of Directors is seeking comment on the three attached proposed rules. The first proposed rule would create a new system for risk-based assessments. The second proposed rule would set the designated reserve ratio (DRR) at 1.25 percent. The third proposed rule would govern the penalties for failure to pay assessments. The Federal Deposit Insurance Reform Act of 2005 requires the FDIC to prescribe final regulations by November 5, 2006. Comments on the first two proposed rules are due by September 22, 2006; comments on the third rule are due by September 18, 2006.

In addition to the revised Information Security Booklet, the agencies also released an Executive Summary that contains high level synopses of each of the twelve booklets and describes the handbook development and maintenance processes.

The Offıce of Thrift Supervision (OTS) -

Posted on 07/30