U.S. Banking Groups Urge SEC to Scrap Cyber Disclosure Rule, Citing National Security Risks

Leading U.S. banking trade groups, including the American Bankers Association (ABA), the Bank Policy Institute (BPI), and the Securities Industry and Financial Markets Association (SIFMA), have formally petitioned the U.S. Securities and Exchange Commission (SEC) to withdraw a contentious cybersecurity incident disclosure rule. The petition, submitted on May 22, 2025, targets Item 1.05 in FORM 8-K and the analogous Form 6-K requirement for foreign private issuers, which compel the disclosure of material cybersecurity incidents within four business days of their assessment.

The groups argue that these mandates pose significant risks to national security, threaten investor confidence, and disrupt operational efficiency. Their appeal underscores a growing tension between regulatory transparency and the practical challenges faced by financial institutions in an increasingly digital landscape.