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Access "Interview: FDIC director explains FFIEC standard"

Published: 22 Oct 2012

FFIEC aims to make online banking safe for consumers by forcing financial services institutions to assess the risks in their environments and deploy appropriate controls such as strong authentication. Michael L. Jackson, associate director of the FDIC, helped develop the guidance two years ago; six months after the Dec. 31, 2006 compliance deadline, Jackson assesses FFIEC's impact so far. Michael L. Jackson What's your sense for compliance? Are most financial services institutions compliant--or close? Our early kick-of-the-tires indications are that yes, the industry has responded positively to the guidance. Keep in mind, the agencies are not doing anything different outside the normal exam process. If an organization is scheduled for an exam, the exam will proceed and we will look at the guidance. If an institution is not scheduled for an exam, we will not go in specifically to look just at the guidance. What are some of the concerns being expressed by institutions that may be struggling to comply? Some of the questions were around whether they should do ... Access >>>

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