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NAFCU's Carrie Hunt thanked a House Energy and Commerce subcommittee for launching efforts to find a legislative solution to the recent onslaught of data breaches, beginning with a hearing tomorrow, and offered some guiding suggestions on what should be addressed.
NCUA Examination and Insurance Director Larry Fazio on Friday answered questions from NAFCU staff on the agency's revised risk-based capital proposal, or RBC2, in a NAFCU webcast moderated by Senior Vice President of Government Affairs and General Counsel Carrie Hunt.
NAFCU, with other financial trade organizations, wrote members of Congress Friday to provide their perspective on what should be included in a legislative approach to data security and to reiterate the strict data protection and notification standards already in place for financial institutions.
As we blogged about last Friday, the NCUA Board issued a revised RBC proposal, or RBC2, during its January 15th opening Board meeting. The proposed rule would amend Part 702 of NCUA’s capital adequacy regulations toestablish RBC requirements for “complex” federally insured credit unions.
While new iPhones and a smartwatch stole the show at Apple's September event, it was Apple Pay — a foray into mobile near-field-communication(NFC) tokenized payments at the point of sale — that should command credit unions’ close attention.
On January 15, 2015, the NCUA Board issued a second proposed rule regarding risk-based capital for credit unions that amends their first risk-based capital proposal issued nearly a year prior. NAFCU SVP of Government Affairs and General Counsel Carrie Hunt gives an update on the new proposal.
The time and resources it takes to notify members, reissue cards, and make members whole in instances of fraud is overwhelming. Federal standards must exist for merchants on the safekeeping of financial and personal information, as well as data breach notification.