- On April 2, 2014 the Federal Financial Institutions Examination Council (FFIEC) released a statement related to Distributed Denial of Service (DDoS) attacks on public facing websites. The statement highlights that DDoS attacks have increased since late 2012 and, in many cases, have been executed by politically motivated groups.
- On April 2, 2014 the Federal Financial Institutions Examination Council (FFIEC) released a statement related to cyber-attacks on financial institutions’ ATM and Card Authorization Systems. The FFIEC statement notes that there has been an increase in cyber-attacks launched to gain access to and modify the settings on ATMs.
- Market and technology factors are creating disruption in credit unions’ key customer segments and offerings. Combined with continued lobbying by large banks to discontinue their tax exempt status, credit unions need to distinguish themselves to compete against banks and non-traditional financial institutions.
- On Jan. 24, 2014, the IRS issued Revenue Procedure 2014-16, which allows banks to automatically change their accounting method from capitalizing to currently deducting certain costs of acquiring and holding other real estate owned (OREO).
- The AICPA recently issued an update to the Trust Services Principles impacting SOC 2.
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