NCUA’s Post

July is Military Consumer Month, an annual observance to increase awareness of consumer protections and financial readiness for service members, veterans, and military families. Military families make enormous sacrifices for our nation. As a result, they often face unique financial challenges and are vulnerable to predatory lenders and identity theft. Visit https://lnkd.in/e3YEv2Q5 to learn more about financial resources and special protections for servicemembers and their dependents. #militarylife #militaryfamilies #helpformilitaryfamilies

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

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.