It’s not IF—It’s WHEN: Prepare Your Credit Union for Data Breach Aftermath

With data breaches becoming an unavoidable feature of the financial landscape, CUNA Mutual Group points out key risk areas for credit unions.

Dealing with FFIEC’s Social Media Guidance: Are Your Risk-Management Plans In Place?

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.

Credit Unions May be Ready for End of XP Support, But Are Their Members?

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?”

NCUA Releases 2014 Exam Focus

The National Credit Union Administration has released Letter to Credit Unions 14-CU-02, which covers the focus topics for 2014 examinations.

FFIEC Issues Final Guidance for Social Media Compliance

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.

OCC Releases Updated Risk Management Guidance

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 Should Review Exposure to Data Breach Risks

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.

NCUA’s Matz tells Amplify Crowd: ‘Our Job is to Help Credit Unions Move Forward’

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 Issues Cybersecurity Executive Order

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.

CFPB Unveils Five-Year Strategic Plan

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.

How Can Credit Unions Protect Themselves Against Cyber Attacks?

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.

NCUA Gives Notice of Changes to the Examination of Small Credit Unions

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.

NCUA Issues Guidance Concerning Mortgage Servicing Practices that Impact Servicemembers

The NCUA, FRB, CFPB and others jointly issued guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.

Is Your Third-Party Overdraft Provider Putting Your Credit Union at Risk?

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.

Free Discovery Webinar to Address Credit Union Risks and Opportunities

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.

NCUA Provides Insight into Supervisory Focus for 2012

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.

Legal Briefs

Your update on the regulatory landscape.

NCUA Reaches Settlement in Lawsuits Against Citigroup, Deutsche Bank Securities

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.