NCUA

To protect your credit union and its members from skimming and shimming fraud, we recommend the following best practices: • Regular inspections • Security enhancements • Surveillance • Educate members • Monitor transactions • Law enforcement collaboration • Software updates • Physical security • Use the NCUA's Secure Email Message Center to send secure emails. Also, NCUA's Cyber Incident Notification Rule requires federally insured credit union to notify the NCUA within 72 hours after reasonably believing a reportable cyber incident has occurred. To view the entire regulation, go to: https://lnkd.in/erh4VVW2

Low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants by July 1.

The NCUA issued one consent order and two prohibition notices in June 2024. https://lnkd.in/eixJsvAH

An MDI credit union launched an initiative to finance construction of affordable housing in a community that contains some of the highest poverty rates and the lowest household incomes in their state.

“With the Federal Credit Union Act turning 90 years old today, it’s appropriate to consider not only where we’ve been, but also where we are now and where we’re headed. The passage of the Federal Credit Union Act was a watershed moment in our nation’s history. But, just as that law was forward-thinking when enacted nearly a century ago, it must evolve to reflect current realities with an eye to the future,” said NCUA Chairman Todd M. Harper.https://go.ncua.gov/3XFpkzP #creditunions #finance

The National Credit Union Administration commemorated today the 90th anniversary of the signing of the Federal Credit Union Act of 1934 into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states: https://lnkd.in/e6C-Gh7a #creditunions #finance #money

Spots are filling up for the 2024 #NCUA_DEISummit. Register now: https://lnkd.in/e38i3XfQ .

The NCUA released its annual Cybersecurity and Credit Union System Resilience Report. The report summarizes the current cybersecurity threat landscape, highlights the agency’s key cybersecurity initiatives, and outlines the agency’s ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry. Read the full report at:https://lnkd.in/e46wUBrD

The NCUA released the June 2024 update of its Simplified CECL Tool. The update includes the latest life-of-loan — or Weighted Average Remaining Maturity — factors. It also provides data to determine the credit loss expense — or provision for credit losses — for the period that ends June 30, 2024. Download the latest version at https://lnkd.in/eug3qhM6.

The NCUA released its Minority Depository Institutions Annual Report to Congress: MDI credit unions expanded membership and services in 2023, promoting economic growth and financial security, particularly in underserved communities: https://lnkd.in/eTC9izsz .