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 2019-09-19 14:00:00 2019-09-19 14:00:00 Cyber Training for Board Members According to the 2018 FFIEC Management Handbook, the "board of directors sets the tone and direction for an institution's use of IT." What does your Credit Union Board need to be doing to demonstrate that they value the cybersecurity risk in your Information Security Program and can meet the "credible challenge to management" threshold? The board should approve the IT strategic plan, information security program, and other IT-related policies. To carry out their responsibilities, board members should understand the IT activities and risks within the credit union. This webinar will explore the latest in FFIEC guidance, examiner expectations, and the cybersecurity landscape. Key Takeaways: Review best practices to meet the credible challenge to management Learn what you should be asking for and receiving from management Discuss the latest in cybersecurity failures Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until September 19, 2020. Already registered? Go to the Online Training Center to view. Who Should Attend? Board members Board chairs and Vice-Chairs Presidents and Chief Executive Officers Executive Vice Presidents Chief Operating Officers Chief Information Officers Chief Technology Officers Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. NCVEs 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: Review best practices to meet the credible challenge to management. Learn what you should be asking for and receiving from management. Discuss the latest in cybersecurity failures. 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: 1. Regulatory Ethics – Technical 2. Information Technology - Technical National Association of Federally-Insured 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 firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCVE, CPE
Add to Calendar 2019-09-19 14:00:00 2019-09-19 14:00:00 Financial Wellness: Addressing the Barriers to Retirement Readiness Watch the Webinar On-Demand About the Webinar Financial wellness, done right, is an employer-paid benefit, where employees have unlimited access to best-in-class financial coaching. Many credit unions offer financial education with the goal of helping their members live a financially secure life, but very few offer these same types of valuable tools to their own employees. When you help your employees by offering a financial wellness program that provides financial education and assistance, everyone wins. You get better productivity and less distraction among your staff. Learn how to bring comprehensive fiscal well-being to your employees by understanding the value of reducing employee financial stress at work, focusing on real behavior change, and measuring results. Web NAFCU email@example.com America/New_York public
Securian Financial Group, Inc.
Add to Calendar 2019-09-19 10:00:00 2019-09-19 10:00:00 Management & Leadership Institute Prep NAFCU's Management and Leadership Institute provides students with an excellent foundation for becoming leaders now and in the future. The act of continued learning will build upon your new skills and experiences even more. But don’t wait until the Institute starts! Join Anthony Demangone, NAFCU’s EVP & COO, for this informative webinar as he reviews the day-to-day schedule, group work and the final project to help you get the most of your experience! Register Now Registration is free, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until September 19, 2020.Already registered? Go to the Online Training Center to view. Who Should Attend? Management and Leadership Institute 2019 registrants Education Credits No NAFCU Credits and No CPE Credits National Association of Federally-Insured 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 firstname.lastname@example.org America/New_York public
Get daily updates.
Subscribe to NAFCU today.