September 6, 2004 News Archive

June Risk Committee Findings
Each quarter, the Chicago Fed's Risk Committee meets to determine the top banking risks facing Seventh District banks in the upcoming months and develop appropriate supervisory responses. The June 2004 Risk Committee findings are now available.

Web-based Central Data Repository for Bank Financial Data Postponed to 2005
In a press release, the federal banking agencies announced that they will target implementation of the Central Data Repository (CDR) for one of the first two 2005 Call Report periods. Originally scheduled for implementation in October 2004, the start date was postponed to address industry feedback and to allow more time for testing and enrollment.

FFIEC Releases Guidance on Operations and Wholesale Payment Systems
In a press release, the Federal Financial Institutions Examination Council (FFIEC) released Operations and Wholesale Payment Systems booklets, the final two booklets in the series of updates to the 1996 FFIEC Information Technology Handbook.

Secret Service Study Targets Insider Crime (PDF)
Most insider crimes against banks are not technically sophisticated, according to the Insider Threat Study recently released by the U.S. Secret Service. The schemes typically exploited business rules or organizational policies rather than information systems or networks.

The study found that in 87 percent of the cases, the insiders used simple legitimate user commands to carry out the incidents. In 78 percent of the cases, the insider was an authorized user of the system. Eighty-three percent of the incidents occurred within the bank and took place during normal business hours. Eighty-one percent of the insiders were motivated by financial gain, and nearly all the cases involved financial losses for the bank. In 30 percent of the cases, the loss exceeded $500,000.