Skip to main content

Rule Recently Enacted by Bank Regulators May be Model for NCUA

 ALEXANDRIA, Va.–A rule enacted by the bank regulatory agencies in late 2021 that requires notification by banks of “any significant computer-security incidents” may become a model for a similar rule from NCUA.

NCUA

In November 2021, the FDIC, OCC and the Federal Reserve approved a rule that requires banking organizations to notify them of such incidents as soon as possible and no later than 36 hours after a determination that such an incident has occurred.

The rule went into effect April 1 with compliance by banking organizations and their service providers required by May 1.

The bank regulators defined a “computer-security incident” as one that results in “actual harm to the confidentiality, integrity, or availability of an information system or the information that the system processes, stores, or transmits.”

During the NCUA board meeting on Thursday, NCUA Chairman Todd Harper asked Kelly Lay, director of the Office of Examination and Insurance, about whether the agency is considering a similar rule.

Lay responded by saying yes, the agency’s staff is now reviewing what the banking industry regulators have implemented and are exploring whether a similar rule should be considered for credit unions.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Mortgage Rates See Biggest Decline in a Year; Applications Rise

WASHINGTON–Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month, according to new data. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.61% from 7.86%, with points falling to 0.69 from 0.73 (including the origination fee) for loans with a 20% down payment. The Rate Driver "Last week's decrease in rates was driven by the U.S. Treasury's issuance update, the Fed striking a dovish tone in the November FOMC statemen
Post a Comment
Read Complete Article HERE>»

Growing Delinquencies, Especially in Auto Loans, Can be Seen in New CUNA Report

MADISON, Wis.–Ongoing increases in delinquencies, especially in automobile loans, can be seen in the new CUNA Economic Update . According to CUNA Chief Economist Mike Schenk, the report shows: Mortgage delinquencies. With data obtained by Equifax, CUNA economists said they have found “slight upward movements” in mortgage delinquency rates.   Credit card delinquencies. Bigger increases in delinquency rates relative to the cyclical low – as seen during the COVID-19 pandemic – is concerning, said Schenk.   Auto loan delinquencies: Data shows a “dramatic” increase in delinquency rates among institutions such as auto financing companies.  CUNA Forecast   CUNA’s economists are forecasting delinquency rates will peak at 1% by the end of 2024.
Post a Comment
Read Complete Article HERE>»

Speakers & Sessions For NCOFCU 24 San Antonio TX.

National Council of Firefighter Credit Unions Inc (NCOFCU)  Speakers and Schedule! It is the National Council of Firefighter Credit Unions (NCOFCU) "GO TO Conference" for credit unions serving first responders! Who should attend? CEO's, VP's Directors and Staff See What's Planned Register Here! Bring your spouse, bring a guest to enjoy San Antonio, TX River Walk 4 Days Golf 16 + Sessions Alamo Reception Closing Dinner Right on the San Antonio River Walk Several Networking events Open Forums Idea Exchange Events Panel Discussions of CU Leaders National & Industry Speakers Trends in First-Responder Credit Unions Director & Volunteer Sessions Exhibitors ShowcaseAnd  So Much More! HOTEL REGISTER HERE
Post a Comment
Read Complete Article HERE>»