Consumer privacy, Fed Bank update on NAFCU Cyber and Payments Committee agenda
NAFCU's Cybersecurity and Payments Committee will hear from the Federal Reserve Bank of Chicago's Tim Boike today on the Fed's efforts to make payments more secure. The committee will also discuss the latest developments in state consumer privacy legislation and the CFPB and Federal Reserve's proposed changes to remittances and same-day ACH.
Boike, vice president of industry relations at the Federal Reserve Bank of Chicago, is set to update the committee on the Fed's work to identify and mitigate payments fraud, including its recently-launched effort related to synthetic identity payments fraud. He will also discuss the Federal Reserve's Fraud Definitions Work Group, which is developing a more consistent and holistic view of the terminology used and other ongoing efforts to reduce fraud risk and advance the safety security and resiliency of the U.S. payment system.
Also on the agenda:
State Consumer Privacy Legislation
The California Department of Justice plans to publish a proposed rule on the California Consumer Protection Act (CCPA) this fall that would establish procedures to facilitate consumers' rights under the CCPA and provide guidance to businesses on how to comply with the law. At least 10 states have introduced draft bills to impose obligations on businesses to provide consumers with more control of their personal data. NAFCU staff will discuss these state-level developments as well as the European Union's General Data Protection Regulation (GDPR) and the likelihood of federal privacy law.
Last month, the CFPB published a request for information (RFI) to gather feedback on principle issues relating to its remittance transfer rule. Currently, credit unions and insured financial institutions are permitted to estimate certain costs or amounts that must be disclosed under the bureau's final remittance rule; however, the temporary exception that allows such estimates is set to expire on July 21, 2020. NAFCU's Regulatory Alert notes that some credit unions use the temporary exception to estimate fee and exchange rate information that cannot be known prior to sending a remittance transfer. The committee will consider credit unions' reliance on the temporary exemption to provide remittance services to members and how compliance costs scale with the volume of remittance transfers.
Enhancements to the National Settlement Service and Fedwire Fund Service
The Federal Reserve has proposed changes to its banks' payment services to facilitate the adoption of a later same-day ACH processing and settlement window. Under this proposal, daily operating hours of the National Settlement Service (NSS) would be extended by one hour to allow the private-sector ACH operator to settle its in-network transactions. The committee will discuss whether the proposed enhancements will benefit credit union members, and what credit union changes to internal processes or technologies would be needed to facilitate the reduced windows between NSS and Fedwire closings.
The committee will meet again September 3.
Add to Calendar 2020-03-26 14:00:00 2020-03-26 14:00:00 Data Breaches – Mitigation and Response Strategies As data breaches continue to make the headlines credit unions are challenged to maintain member confidence in their ability to recognize, react and respond to intrusions in order to safeguard member financial information and transactions. A core component of cybersecurity risk management is a well-designed Incident Response program that supports the credit union’s needs. This session will summarize up to date information on the latest cybersecurity risks and how breaches occur. We will also explore regulatory guidance and current practices for a credit union to define and manage an incident response program. Key Takeaways Understand the latest developments in ransomware and account take over attacks Explore case studies from recent intrusions, breaches and lessons learned from each case study Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365 Understand the various aspects of the “Cybersecurity Kill Chain” Define key strategies to test your institution’s Incident Response program Register Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until March 26, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk management staff Legal staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the latest developments in ransomware and account take over attacks. Explore case studies from recent intrusions, breaches and lessons learned from each case study. Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365. Understand the various aspects of the "Cybersecurity Kill Chain". Define key strategies to test your institution's Incident Response program. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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