Newsroom

NCUA Director of Examination and Insurance Larry Fazio will join today's meeting of the NAFCU Regulatory Committee to discuss the agency's 2016 supervisory focus and priorities, with an emphasis on cybersecurity risk mitigation and interest rate risk concerns.

The Regulatory Committee includes 31 member credit union representatives and is chaired by Mission Federal Credit Union President and CEO Debra Schwartz.

NCUA detailed its 2016 supervisory focus and priorities in Letter to Credit Unions 16-CU-01. The letter notes the Federal Financial Institutions Examination Council's cybersecurity assessment tool, released in 2015, will be incorporated into its exam process in the second half of this year.

The FFIEC assessment tool allows financial institutions to do self-assessments to help them improve their risk management strategies. NAFCU, while supporting credit unions' use of the tool, has urged NCUA to keep it voluntary.

Letter 16-CU-01 also notes NCUA is in the process of updating interest-rate risk management supervisory guidance, to be published this year, which will also be used during examinations.