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Treasury Secretary Mnuchin Highlights Concerns Regarding Cybersecurity

On March 24, 2017, Treasury Secretary Steven Mnuchin gave a speech in which he identified cybersecurity as his primary concern regarding the financial sector.  Secretary Mnuchin said in his remarks that ensuring a “safe and sound financial sector” requires cooperation and investment among the various financial regulators.  The Secretary emphasized that he wants regulatory agencies to focus on incorporating cybersecurity in all oversight responsibilities.

In October, the federal banking agencies issued an ANPR (covered here) on enhanced cyber risk standards for certain large financial institutions.  The ANPR represented a step toward a coordinated approach to cybersecurity regulation among financial regulators, though it is unclear whether the ANPR will progress to a formal proposal under the new administration.

© 2021 Covington & Burling LLPNational Law Review, Volume VII, Number 83
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About this Author

Aimee Ezzell, Covington Burling Law Firm Regulatory attorney
Associate

Aimee Ezzell advises clients on consumer financial services, credit reporting, and financial privacy. She assists banks, consumer reporting agencies, and their vendors with regulatory, compliance, enforcement, and transactional matters. She has experience with the FCRA, the Dodd-Frank Act, GLBA, DPPA, ECOA, and other federal and state laws and regulations, including state insurance privacy laws and security breach notification requirements.

Ms. Ezzell also practices in the energy regulatory area. She advises both regulated utilities and financial investors on the...

202-662-5087
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