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FEDERALhearing transcript

High Impact

Congressional Hearing on FDIC Data Security Breaches

Original title: FDIC DATA BREACHES: CAN AMERICANS TRUST THAT THEIR PRIVATE BANKING INFORMATION IS SECURE?

January 1, 2017

cybersecurity data privacy banking FDIC oversight

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The Frame

What this does

The hearing addresses the security of sensitive financial data for millions of Americans, focusing on the FDIC's ability to protect private banking information from unauthorized access.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

FDIC

The agency is subject to congressional oversight regarding its internal cybersecurity protocols and data management.

Banking customers

The security of their private financial information held by the FDIC is the subject of the investigation.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2016 House Subcommittee hearing investigating cybersecurity failures at the Federal Deposit Insurance Corporation (FDIC). Lawmakers questioned agency officials regarding the security of private banking information held by the FDIC.

Key Facts

The hearing took place on May 12, 2016, in the Rayburn House Office Building.
The Subcommittee on Oversight investigated reports of cybersecurity breaches at the FDIC.
The FDIC's stated mission is to maintain stability and public confidence in the nation's financial system.
Chairman Barry Loudermilk cited his 20-year background in information systems technology as context for his oversight of the agency's data security.
The hearing included testimony from the FDIC's Chief Information Officer and the Acting Inspector General.
The record includes post-hearing questions and answers submitted by the witnesses.

Frequently Asked Questions

What was the purpose of this hearing?

To investigate reports of data breaches at the FDIC and determine if the agency is adequately protecting private banking information.

Who testified at the hearing?

Lawrence Gross, Jr. (FDIC CIO and Chief Privacy Officer) and Fred W. Gibson (FDIC Acting ).

Why It Matters

The hearing addresses the security of sensitive financial data for millions of Americans, focusing on the FDIC's ability to protect private banking information from unauthorized access.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Cybersecurity Oversight

The hearing highlights a period where the House Committee on Science, Space, and Technology expanded its oversight into the cybersecurity practices of financial regulators.

Committee on Science, Space, and Technology FDIC

Connected Entities

organizationFederal Deposit Insurance Corporation“The agency under investigation for data breaches”Map →

organizationCommittee on Science, Space, and Technology“The House committee conducting the oversight hearing”Map →

personBarry Loudermilk“Chairman of the Subcommittee on Oversight”Map →

personLawrence Gross, Jr.“Chief Information Officer and Chief Privacy Officer, FDIC”Map →

personFred W. Gibson“Acting Inspector General, FDIC”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance80
How much this matters to a regular citizen
Controversy65
Intensity of disagreement among stakeholders
Entertainment30
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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