With data breaches becoming an unavoidable feature of the financial landscape, CUNA Mutual Group points out key risk areas for credit unions.
The Federal Financial Institutions Examination Council recently outlined its expectations for adequately addressing social media risks – guidance that the NCUA, CFPB and state regulators are likely to follow. Justin Whitesides, an attorney for Farleigh Wada Witt, explains what credit unions need to do to comply.
Most financial institutions have plans in place to deal with the end of Microsoft’s support for Windows XP on April 9. But thousands of members will still be accessing online banking and other services with suddenly vulnerable machines, and that could have serious consequences. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “In a Uniform Transfer to Minor Account (UTMA), when can the minor have access to the funds? At age 18, 21 or 25?”
The National Credit Union Administration has released Letter to Credit Unions 14-CU-02, which covers the focus topics for 2014 examinations.
The Federal Financial Institutions Examination Council (FFIEC) has released its final guidance on social-media usage by financial institutions. The guidance doesn’t differ too much from the original proposal released earlier this year, but it does provide some important clarifications.
The Office of the Comptroller of the Currency recently released updated guidance for national banks and federal savings associations for assessing and managing the risks associated with third-party relationships. The guidance does not directly apply to credit unions, but they still may find it useful.
Credit unions’ bond policies and other insurance policies may cover certain types of losses associated with a data breach, but if you don’t have a policy specifically dedicated to the growing array of data breach risks, you need to review your overall exposure.
Credit unions say they face a regulatory burden that often feels oppressive, but NCUA board Chairman Debbie Matz said Tuesday that the federal regulator has taken significant steps to ease that burden, and she insisted that “gone are the days when we say no simply because we’ve always said no.”
President Obama signed an executive order Tuesday aimed at improving information-sharing about cyber threats between the government and industry and at establishing a risk framework and best practices for businesses.
The CFPB released a draft of its strategic plan for 2013-2018 yesterday, and credit unions can suggest improvements and comment on its potential impact on the consumer finance market until Oct. 25.
Strategic Link business partner CSCU talks with Greg Schaffer, corporate executive vice president and chief information security officer (CISO) for FIS Global, about the various threats facing credit unions and what to look for when hiring a CISO.
Under the NCUA’s new Small Credit Union Examination Program, small credit unions that are financially and operationally sound will have shorter examinations and more concise reports, a move intended to align resources more closely with risks.
The NCUA, FRB, CFPB and others jointly issued guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.
John M. Floyd, chairman and CEO of Strategic Link business partner JMFA, explains that credit unions must be mindful of how their overdraft program processes and fees affect members, especially in light of the CFPB’s efforts to protect consumers.
Strategic Link strategic partner CUNA Mutual Group is presenting a free webinar on Feb. 29 to address credit unions’ unprecedented opportunity to capitalize on anti-bank sentiment in a challenging economy.
After assessing the downfalls of several failed credit unions, NCUA risk examiners will focus on three main types of risk in 2012: credit risks, interest rate and liquidity risks, and concentration risks.
Your update on the regulatory landscape.
The NCUA reached separate settlements this week with Citigroup and Deutsche Bank Securities regarding the sale of residential mortgage-backed securities to five wholesale credit unions. Net proceeds will go toward reducing assessments charged to credit unions to pay for the losses.