NCUA Letter to Credit Unions 16-CU-08 Interest Rate Risk

Effective January 1, 2017, NCUA will institute changes to the agency’s interest rate risk review procedures and adopt a standardized measurement of interest rate risk to scope and rate interest rate risk assessments more efficiently and effectively. Field staff will implement these changes using the enclosed Interest Rate Risk Review Procedures Workbook and Guide to Using NCUA’s Interest Rate Risk … Read More

FFIEC Cybersecurity Assessment Tool FAQs

The FFIEC released a Frequently Asked Questions Guide related to the Cybersecurity Assessment Tool (CAT). The FFIEC published the Cybersecurity Assessment Tool in June of 2015 as a voluntary tool to help financial institutions’ management identify risk and determine their cybersecurity preparedness. The CAT provides a repeatable and measurable process that financial institutions may use to measure their cybersecurity preparedness … Read More

Final Prepaid Account Rules Released

On October 4, the CFPB released its final rule for prepaid cards.  The rule will cover traditional prepaid cards, general-purpose reloadable cards, mobile wallets, person-to-person payment products, and other electronic prepaid accounts that can store funds.  Payroll cards, student financial aid disbursement cards, tax refund cards, and certain federal, state, and local government benefit cards such as those used to … Read More

DCU Bulletin B-16-14 Electronic Payment Systems Exams

The Division of Credit Union (Division) announced that it is enhancing its safety and soundness examinations to include Electronic Payment System (EPS) reviews. EPS exams will be performed by Division examiners beginning in 2017. The Division will perform one or two pilot test payment system exams at credit unions in the fourth quarter of 2016 before implementing its new EPS … Read More

FFIEC Revised Information Security Booklet

The Federal Financial Institutions Examination Council (FFIEC) has revised the “Information Security” booklet of the FFIEC Information Technology Examination Handbook (IT Handbook). The “Information Security” booklet is one of 11 that make up the IT Handbook. The revised “Information Security” booklet provides guidance to examiners and addresses factors necessary to assess the level of security risks to a financial institution’s information systems. … Read More

Voluntary Diversity and Inclusion Policies and Practices Checklist (16-CU-05)

The NCUA issued a Letter to Credit Unions (16-CU-05) regarding voluntary diversity and inclusion polices.  If you remember, back in June 2015, the banking brotherhood (NCUA, FDIC, ect.) issued final standards for voluntary assessment of diversity policies and practices in regulated entities.  We blogged about it on our SharePoint site and it is reprinted below. The diversity policies and practices is … Read More

August Compliance Recap

August’s compliance recap, with a summary of regulatory issues that might impact the credit union, is available here.

NACHA Third-Party Sender Registration Requirements

Effective September 29, NACHA’s Third-Party Sender Registration Rule will go into effect, and require that originating depository financial institutions (ODFI) submit and maintain information on every third-party sender with which it maintains a relationship.  A third-party sender is a processing intermediary between a financial institution and an end-user of ACH payments.  The Rule will require ODFIs to provide information regarding … Read More

Going Digital: Strategies for Providing Digital Services

NCUA’s Office of Small Credit Union Initiatives issued “Going Digital:  Strategies for Providing Digital Services,” which provides step-by-step instructions on creating a strategic plan for analyzing members’ needs and tailoring digital products to meet those needs.  The guidebook also details potential advantages and disadvantages to members and credit unions. While most of our credit unions provide a wide array of … Read More

The FDIC’s Story on Data Breach Response

The FDIC has been plagued with a number of data breaches recently, and a congressional report details the story and facts, along with FDIC’s cooperation (or lack of), relating to two breaches caused by separating employees removing confidential information.  The report is an interesting read, and provides a lot of how-not-to report and respond. The report details one story and … Read More