The Federal Reserve Banks’ FedLine Solutions are a critical component of the U.S. electronic payments system. While we layer and embed security within the FedLine service, your organization plays a vital role in safeguarding the payment messages and information that are transmitted over FedLine. Additionally, during times of uncertainty, security threats tend to increase. This increased risk along with the evolving threat landscape serves as a reminder that security posture is more important than ever.
In response to the evolving security threat landscape, the Federal Reserve Banks are implementing a Security and Resiliency Assurance Program (“Assurance Program”). As part of this new program, institutions that use the FedLine Solutions must:
These steps will help reduce the risk of systemic breakdown and fraudulent payments being sent through the payments system.
Your organization will have the 2021 calendar year (January – December 2021) to complete the program. Going forward, all service providers and financial institutions will be expected to complete the program on an annual basis.
Your organization does not need to take immediate action to prepare. In January 2021, we will send a kickoff email outlining program expectations and a program guide to your organization’s End User Authorization Contacts (EUACs) to begin the process. Your EUACs will be asked to identify a primary EUAC to take the lead with the program for your organization. If applicable, we encourage you to communicate with your organization’s compliance department to determine how this process may fit into your broader compliance or audit efforts.
Repeat webinars will be hosted to help you become familiar with the Assurance Program and the attestation process. Visit the webinar registration page to view available dates.
The Federal Reserve Banks regularly update the Frequently Asked Questions page with details about the Assurance Program.