"Some of the U.S.'s largest banks have pulled back from some electronic information-sharing with a key bank regulator after it disclosed a major cyberattack earlier this month.
JPMorgan Chase, Bank of America and Bank of New York Mellon are seeking other ways to send sensitive information to the Office of the Comptroller of the Currency due to concerns around an email hack that is still under investigation, according to people familiar with the matter.
Banks have expressed alarm about the breach and the OCC's communication and slow response to the incident, the people said. That has led some of them to hit pause on certain forms of electronic information-sharing, while others have been in discussion with the OCC about secure alternatives for sending information, the people said.
The OCC posted a notice about the hack on its website in February. But it didn't proactively notify banks about the incident, people familiar with the matter said. Some of the banks didn't learn about the hack until media reports.
The OCC earlier this month said the attack targeted its email system and was discovered after the agency noticed unusual interactions between an administrative account and OCC user mailboxes. The agency is conducting an independent third-party assessment of the incident, including a review of the compromised email messages. The OCC said it is keeping banks informed of the investigation's progress.
The banks that have pulled back from sharing information electronically are still largely in the dark about what information may have been disclosed to hackers, the people familiar with the matter said.
The agency is being led on a temporary basis by Rodney Hood, who served as chair of the regulatory agency overseeing credit unions in Trump's first administration. Bloomberg earlier reported on the banks' reaction.
Trump administration officials have said they want to make major changes at the OCC and other banking regulators, including by consolidating some of the agencies or forcing more coordination between them.
In February, the White House issued an executive order that if implemented would remove some of the independence traditionally afforded the OCC and other banking regulators.
In a speech last month, Treasury Secretary Scott Bessent said he intended to play a leadership role in banking regulation. "We need our financial regulators singing in unison from the same song sheet," Bessent said." [1]
1. Big Banks Alarmed After U.S. Regulator Says It Was Hacked. Tokar, Dylan. Wall Street Journal, Eastern edition; New York, N.Y.. 16 Apr 2025: B2.