Regulatory Alerts2021-08-12
Added · Updated
SR 21-14: Authentication and Access to Financial Institution Services and Systems
The Federal Reserve Board and the Federal Financial Institutions Examination Council issued SR 21-14 to update guidance on authentication and access controls for financial institutions supervised by the Federal Reserve. The document requires institutions to implement risk-based authentication strategies, including multi-factor authentication for high-risk activities, to mitigate evolving cybersecurity threats. This guidance supersedes previous 2005 and 2011 interagency directives and establishes expectations for identity verification, layered security, and periodic risk assessments.