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Removing Barriers Blog

Summary of September 15 NCUA Board Meeting
Posted September 16, 2016 by CUNA Advocacy

At this month's meeting of the NCUA Board, the Board received a Report of the Corporate Stabilization Fund (Quarterly Report) and received a Board Briefing on Cyber Security in the Credit Union System.  Following the open board meeting, the Board considered a Merger Request, which was closed to the public.  

Corporate Stabilization Fund Quarterly Report

The Board received a Quarterly Report on the Corporate Stabilization Fund.  The report showed income of $8.4 million and net income of $425.7 million for the quarter ending June 30, 2016.  The Balance Sheet indicated total assets and liabilities of $2.045 billion with the Fund Balance with Treasury and Investments down to $138.9 million from the previous $274.6 million.

Board Briefing on Cyber Security in the Credit Union System

The Board received a briefing on Cyber Security in the Credit Union System and outlined many of the examination procedures that are in the process of being adopted by the NCUA for credit unions.  The briefing focused on emerging risks as seen by the NCUA in the areas of Market and Technology Innovation, High Speed Connectivity, the rise of Smart Devices & Advanced Algorithms, New Services in the market place, and new competition.

NCUA’s Cyber Initiative focuses on the agency's efforts with the Cyber Security Critical Infrastructure Working Group, which is largely responsible for the development of the Cyber Assessment Tool.  Additionally, the Information Technology Subcommittee is working to modernize the IT Examination Handbook for use by examiners.

The examination tools that will be utilized by examiners are largely based on these efforts, and NCUA is in the process of rolling out the new procedures during the 3rd and 4th quarters of 2017.  NCUA stressed that the Cyber Assessment Tool is voluntary, but that the examination will look to the various principles contained in the tool to see that security issues are being adequately met by credit unions. 

NCUA indicated that credit union size, complexity, overall risk profile, and risk to the share insurance fund will likely govern the extent and scope of an examination. Tim Segerson, Deputy Director of the Office of Examination and Insurance, indicated that the long-term goal is to perform periodic reviews using a structured cybersecurity assessment tool in all credit unions.