On December 10, 2014, the OCC’s Senior Critical Infrastructure Officer, Valerie Abend, discussed regulatory initiatives aimed at mitigating cybersecurity issues in a testimony before the US Senate Committee on Banking, Housing and Urban Affairs. Ms. Abend discussed the construction of the OCC supervisory framework relating to cybersecurity matters and also described the role of the Federal Financial Institutions Examination Council (“FFIEC”), an interagency body comprised of the principals of the five federal banking regulatory agencies – the OCC, the Federal Reserve Board, the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration and the Consumer Financial Protection Bureau – and the FFIEC’s State Liaison Committee. The FFIEC has stated that one of its top priorities is to enhance an institution’s ability to curb cyber-attacks.

The written and oral testimonies are available at:

http://www.occ.gov/news-issuances/congressional-testimony/2014/pub-test-2014-165-written.pdf

and

http://www.occ.gov/news-issuances/congressional-testimony/2014/pub-test-2014-165-oral.pdf.