One of the federal government’s top bank regulators just got caught leaving the vault wide open. The Office of the Comptroller of the Currency (OCC), a bureau within the Treasury Department, admitted that it was the victim of a massive data breach—one that lasted for nearly two years and began under the Biden administration. It’s a scandal that should shake public trust in regulatory oversight to its core.
While Biden officials were busy lecturing banks about cybersecurity, their regulators failed to follow the most basic protocols. The breach exposed two years of sensitive internal data about U.S. banks—information that, if exploited, could create serious vulnerabilities in the financial system. And it all reportedly began with a simple failure: an OCC employee didn’t use multifactor authentication. That rookie-level mistake gave hackers the keys to the agency’s email system.
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