NCUA Hosting Automated Cybersecurity Evaluation Toolbox Webinar on Oct. 28

The National Credit Union Administration (NCUA) will host a webinar on the NCUA’s Automated Cybersecurity Evaluation Toolbox (ACET) on Thursday, Oct. 28 at 12 p.m. PST (1 p.m. MST).

The 60-minute webinar will feature a video presentation about the Toolbox followed by a question-and-answer session.

The Toolbox is a downloadable self-contained application developed for credit unions as a holistic cybersecurity resource. The Toolbox guides credit unions through the ACET Maturity Assessment, which is aligned with the Federal Financial Information Examination Council’s Cybersecurity Assessment Tool (CAT). Using the ACET Maturity Assessment allows institutions of all sizes to determine and measure their own cybersecurity preparedness over time.

In addition, the Toolbox contains several other types of industry recognized cybersecurity best practices and standards. Among those is the Ransomware Readiness Assessment (RRA), released by the Cybersecurity & Infrastructure Security Agency (CISA). The RRA is a self-assessment based on a tiered set of practices to help organizations better assess how well they are equipped to defend and recover from a ransomware incident.

Participants can submit questions anytime during the presentation or in advance by emailing WebinarQuestions@ncua.gov. The email’s subject line should read, “NCUA ACET.” Please email technical questions about accessing the webinar to audience.support@on24.com. This webinar will be closed captioned and archived online approximately three weeks following the live event.

Register now for the “NCUA Automated Cybersecurity Evaluation Toolbox (Toolbox)” Webinar. Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Question of the Week

Can credit union members stop payment on a stolen cashier’s check?

No, a credit union cannot put a stop payment on a cashier’s check, but the member may fill out a Declaration of Loss.

A credit union cannot place a stop payment on a cashier’s check it has issued because the Uniform Commercial Code states the issuer of a cashier’s check is obligated to pay such a check (See UCC 3-412).

A credit union may “refuse to pay” its cashier’s check under certain circumstances, such as alteration, forged endorsement, or a claim against the payee or presenter of the check. However, where the credit union wrongfully refuses to pay the cashier’s check, it is liable to any holder in due course on which payment is refused for compensation of expenses, loss of interest, and consequential damages in addition to the amount of the check (See UCC 3-411(b)). A credit union may also properly refuse to pay a cashier’s check when the person who claims the right to receive payment under the check (Claimant), executes and provides to the credit union a “Declaration of Loss” (See UCC 3-312).

A “Declaration of Loss” is a written or electronic statement provided to the credit union and made under penalty of perjury by either the payee or the remitter of the check, that the check has been lost, destroyed, or stolen. On the 90th day following the date of the check, if the check has not been presented, the credit union is obligated to pay the amount of the check to the claimant. Conversely, it is relieved of its obligation to pay the check if it is presented for payment. The credit union may rightfully, refuse to pay the check in this situation or it may pay the check and obtain reimbursement from the claimant. Prior to the 90th day, the credit union may pay the check if it is presented for payment by a person entitled to enforce payment and such payment discharges the credit union of any obligation to pay the claimant based upon the “Declaration of Loss”.

Interested in learning more? Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Compliance Alerts

FinCEN issued a report which looks at pattern and trend information pertaining to ransomware, in line with FinCEN’s issuance of government-wide priorities for anti-money laundering and countering the financing of terrorism policy.

Office of Foreign Assets Control

OFAC has updated the SDN list as of October 8, 2021. The last update prior to this was September 29, 2021.

Questions? Contact the Compliance Hotline: 1.800.546.4465; compliance@nwcua.org

Posted in Compliance, Compliance News, Compliance Question.