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Credit union representatives on Monday – all from NAFCU-member institutions – participated in a Treasury Department roundtable on the information security risks posed to smaller financial institutions. NAFCU staff also attended the event.

Representatives from NAFCU-member Treasury Department Federal Credit Union, Northwest Federal Credit Union, Market USA Federal Credit Union and Washington Gas & Light Federal Credit Union participated in Monday's roundtable discussion, along with representatives from banks. NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Director of Regulatory Affairs Alexander Monterrubio and Regulatory Affairs Counsel Andrew Morris also attended. Representatives from CUNA and two banking trade associations were also present.

The roundtable, hosted by the Treasury Department's Office of Critical Infrastructure Protection and Compliance Policy, explored the operational and cybersecurity risks of in-house and outsourced technology platforms.

Monday's program began with opening remarks by the Treasury Department. The roundtable discussion focused on key cyber risks, threats and vulnerabilities; third-party risk management; data loss mitigation; data breaches; response and recovery planning; and next steps in this area that smaller financial institutions – including credit unions – and the Treasury Department can take.

NAFCU is a leading advocate for a strong national data security standard and supports an objective, risk-based approach to cybersecurity that grants financial institutions the flexibility to adopt controls based on their own assessments of threats or risk factors.