While not breaking new ground, the recent joint statement from the regulators comprising the Federal Financial Institutions Examination Council (FFIEC) provides a nice compilation of useful signposts for financial institutions assessing the risks and rewards associated with cloud computing services. If you don't know your SaaS, PaaS, or IaaS from a hole in the ground, this statement includes a nice overview of key terms and links to helpful resources for further reading on the subject. In sum, this is a worthwhile read for financial institutions subject to oversight by the FFIEC regulators and probably worth a skim for other US-regulated financial service providers.

With many banks moving some or all employees to remote work arrangements and accessing more cloud-based technologies, the Federal Financial Institutions Examination Council released a statement on risk management principles for cloud computing security. FFIEC noted that the statement does not contain new regulatory expectations but rather highlights examples of risk management practices.

Agencies Issue Statement on Cloud Computing Security

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Hey, you, get off The Cloud! Don't hang around unless you Do As Allowed! - Lexology