PayPal does its part in Ukraine, recognition for U.S. Bank and more in banking news this week.

The omnibus legislation includes two measures that affect the banking industry: a cyber incident reporting requirement and Libor transition fix.

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

The bill, part of the omnibus spending package, would force banks and other critical infrastructure providers to tell the government right away when they’ve been breached.

The legislation by Sens. Rob Portman and Gary Peters has bankers worried about burdensome reporting requirements.

Early Warning Services, which operates the Zelle peer-to-peer payments network, is working to educate consumers about common scams, but it faces criticism over how its banks respond to victims.

The hacker group is threatening to publish personal data from multiple U.S. financial institutions and using known vulnerabilities to get into their systems.

The impact of U.S. sanctions against Russia on U.S. banks has so far been limited. But further escalation could lead to anti-money-laundering compliance challenges and invite cyberattacks, among other consequences.

With tensions high between Russia and the West, Synechron is looking to develop a real-time kill switch that can shut down a malware threat. The company’s PayTech Accelerator is also focusing on the opportunity for banks in buy now/pay later lending.