NCUA defines supervisory priorities: Cybersecurity, IRR top 2015 list

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Cybersecurity, interest-rate risk and Bank Secrecy Act (BSA) compliance head the National Credit Union Administration’s supervisory priorities for 2015. This is according to a letter (15-CU-01) sent Tuesday to federally insured credit unions.According to the NCUA, the letter is intended to assist credit unions in preparation for 2015 examinations, and states “as always, agency field staff will be focusing on areas of highest risk in the credit union system and compliance with new regulations.”The priorities are:Cybersecurity: The NCUA plans to “redouble” efforts to ensure the credit union system is prepared for a range of cybersecurity threats. This includes focusing on proactive measures to encrypt sensitive data and develop an information security policy and more. Field staff will also evaluate a credit union’s capacity to recover from a security breach;Interest-rate risk: Field staff will continue to use existing guidance to assess credit unions’ interest -rate risk, and the agency is currently in the process of updating such guidance. Staff will also evaluate compliance with the NCUA’s interest-rate risk rule; continue reading »last_img

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