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New Rules for Financial Institutions After Ransomware Attacks

This act introduces new rules for key U.S. financial institutions on how to respond to ransomware attacks. It aims to enhance financial security and protect against cyber threats, indirectly impacting the stability of banking and financial services used by citizens.
Key points
Financial institutions must report ransomware attacks and cannot pay ransoms over $100,000 without special authorization.
Legal protection is provided for institutions acting in accordance with new guidelines, encouraging cooperation with law enforcement.
Information about ransomware attacks is confidential to protect sensitive data and prevent further threats.
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Expired
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Additional Information
Print number: 117_HR_5936
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Process start date: 2021-11-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Ransomware and Financial Stability Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5936.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-09.

What are the main provisions?

Key points include:

  • Financial institutions must report ransomware attacks and cannot pay ransoms over $100,000 without special authorization.
  • Legal protection is provided for institutions acting in accordance with new guidelines, encouraging cooperation with law enforcement.
  • Information about ransomware attacks is confidential to protect sensitive data and prevent further threats.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McHenry, Patrick T. [R-NC-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Security