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FOR IMMEDIATE RELEASE | January 04, 2018

NAFCU Urges NCUA to Evaluate Data Security Measures in Electronic Data Collection Review

FOR IMMEDIATE RELEASE

Washington(Jan. 3, 2018) -- National Association of Federally-Insured Credit Unions (NAFCU) Regulatory Affairs Counsel Ann Kossachev urged the National Credit Union Administration (NCUA) in a letter yesterday toevaluate data security measures "at every step" as it reviews the electronic collection of information during credit union examinations.

"NAFCU would like to stress the importance of data security and the use of proper encryption technology and data storage procedures as the NCUA continues to evaluate electronic data collection," Kossachev said.

The letter also requested that the NCUA conduct a cost-benefit analysis of all potential data fields and that NAFCU and its member credit unions be included on any potential stakeholder calls and workgroups to provide additional information and feedback about this initiative.

To curb the potential regulatory burden that could result from this revamp effort, Kossachev's suggestions to the agency included:

  • providing a brief description or example of the type of information requested in a given data field since not all credit unions use the same names for their various data;
  • giving credit unions a flexible timeline to work with their various third-party vendors to provide the requested data to examiners;
  • establishing a secure portal for credit unions that contains a list of the NCUA-requested documents and allows for the uploading of those documents;
  • incorporating the AIRES Exam Questionnaires into the portal so credit unions may see examiner comments, questions and results all in one location; and
  • reviewing the scope of data collected by other federal banking regulators and their methods of data collection, storage, retentionanddisposition.

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor@NAFCUon Twitter.