Major U.S. banks pause data sharing with this federal bureau after a cyberattack exposed sensitive information

Several large US banks are pausing or reassessing data transfers to the OCC after a cyberattack on the regulator. JPMorgan Chase and Bank of New York Mellon have stopped electronic information sharing with the OCC. Bank of America is shifting to more secure electronic channels for transmitting data. The OCC's email system was breached, potentially compromising sensitive financial information. The OCC and Treasury called the breach a "major incident," but the hackers' identity is unknown. Banks are concerned about the breach and the OCC's disclosure handling. Many institutions lack clarity on what specific information was compromised. The OCC regulates over 1,000 financial institutions and is currently led by Rodney Hood. Banks send sensitive reports on cybersecurity practices and National Security Letters to the OCC. This data can include classified details related to terrorism and espionage.