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NCUA Board briefed on cybersecurity updates, DEI program
The NCUA Board Thursday met for two briefings, one on the NCUA’s Diversity, Equity, and Inclusion (DEI) Program, and the other on cybersecurity. On the NCUA’s DEI program, the Board discussed two new research projects focused on new charter modernization and minority depository institution (MDI) preservation, as well as a new Charter Application Guide; the agency noted it is working on developing a credit union resource page.
The NCUA also is continuing to revamp its cybersecurity exam program, the Information Security Examination (ISE) and Cybersecurity Assessment Program, which will be scaled to credit unions’ size and complexity.
The ISE program, currently undergoing field testing by the NCUA and some state supervisory authorities and planned for full implementation in the fourth quarter of 2022, is intended to help evaluate management’s ability to recognize, assess, monitor, and manage information systems and technology-related risks, and help credit unions assess whether it has sufficient expertise to adequately plan, direct, and manage information systems and technology operations, among other objectives.
The Board also discussed the voluntary Automated Cybersecurity Evaluation Toolbox (ACET), which may help credit unions to self-assess their cybersecurity preparedness, and the Small Credit Union Examination Program for credit unions with less than $50 million in assets.
The agency recently issued a cybersecurity alert on the increased likelihood of cyberattacks on financial institutions, NAFCU examined how the recent alert may impact credit unions in last week’s Compliance Blog.
Other agencies including the Department of Treasury have responded to Russia’s continued war against Ukraine, with the Treasury’s Office of Foreign Assets Control (OFAC) announcing additional steps to demean the economy of the Russian Federation, imposing full blocking sanctions on Sberbank, Russia’s largest state-owned bank, and Alfa-Bank, Russia’s largest private bank.
Stay tuned to NAFCU Today for the latest on the NCUA.