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Federal Financial Institutions Examinations Council (FFIEC)


Self Description

June 2012: "The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau* (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions. In 2006, the State Liaison Committee (SLC) was added to the Council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS)."

http://www.ffiec.gov/

Third-Party Descriptions

June 2012: "BANKING PRECAUTIONS Business owners who have been hacked often feel most betrayed by the banks they thought were protecting their money. But banks have no legal obligation to reimburse businesses for attacks — federal regulations do not cover commercial accounts. Regulatory bodies such as the Federal Deposit Insurance Corporation and the Federal Financial Institutions Examinations Council offer guidance on fraud controls for financial institutions, and owners should make sure their banks are up to speed."

http://www.nytimes.com/2012/06/14/business/smallbusiness/protecting-business-accounts-from-hackers.html

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Articles and Resources

Date Fairness.com Resource Read it at:
Jun 13, 2012 Owners May Not Be Covered When Hackers Wipe Out A Business Bank Account

QUOTE: Computer security specialists say these crimes, called “corporate account takeovers,” have become increasingly common...most banks do not take responsibility for unauthorized debits from business accounts. Unless the owners have fraud insurance, they must shoulder the losses alone.

 New York Times