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New Ransomware Payment Rules for Financial Institutions

This act introduces new rules for U.S. financial institutions regarding ransomware payments after cyberattacks. It aims to enhance financial security and protect against cyber threats, impacting the stability of the banking system, which indirectly safeguards citizens' savings and data. It limits payment amounts and mandates attack reporting, potentially reducing the risk of financial losses.
Key points
Financial institutions must report ransomware attacks before making any ransom payment.
Ransom payments exceeding $100,000 require specific authorization.
Information disclosed about ransomware attacks is protected from public release.
The act aims to strengthen the financial system's resilience against cyberattacks.
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Expired
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Additional Information
Print number: 118_HR_7965
Sponsor: Rep. Pettersen, Brittany [D-CO-7]
Process start date: 2024-04-11
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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 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7965.

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 2024-04-11.

What are the main provisions?

Key points include:

  • Financial institutions must report ransomware attacks before making any ransom payment.
  • Ransom payments exceeding $100,000 require specific authorization.
  • Information disclosed about ransomware attacks is protected from public release.
  • The act aims to strengthen the financial system's resilience against cyberattacks.
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. Pettersen, Brittany [D-CO-7].

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 2025-12-25.

CATEGORIES

Security Economy