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
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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
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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
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Low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants by July 1.
Community Development Revolving Loan Fund Grant Success Stories
NCUA on LinkedIn
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The NCUA issued one consent order and two prohibition notices in June 2024. https://lnkd.in/eixJsvAH
NCUA Prohibits Three Individuals From Participating in the Affairs of Any Federally Insured Depository Institution
ncua.gov
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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.
MDI Success Story, Part 4
NCUA on LinkedIn
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“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
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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
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Spots are filling up for the 2024 #NCUA_DEISummit. Register now: https://lnkd.in/e38i3XfQ .
2024 DEI Summit
eventbrite.com
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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 Simplified CECL Tool
ncua.gov
Commercial Contract, Technology, and Data Security Litigator | Strategic Problem Solver for Financial Institutions and Businesses
6dThe NCUA report sheds light on significant cybersecurity risks stemming from third-party vendors, highlighting on page 14: 1- 73% of cyber incidents involve third-party vendors, marking a major area of vulnerability. 2- Vendors frequently reject examination requests or disregard recommended actions, heightening operational and compliance risks for credit unions. 3- Issues with third-party vendors not only affect individual credit unions but also threaten national economic infrastructure and security. Given these findings, as the NCUA advocates for enhanced vendor oversight, it's crucial for credit unions to actively refine their own vendor management approaches. Considering the risks, terminating problematic vendors or initiating litigation are not just viable options but sometimes necessary steps to ensure accountability and safeguard members.