Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
Get daily updates.
Subscribe to NAFCU today.