NAFCU, member CUs share industry perspective on cybersecurity with Treasury
Several NAFCU-member credit unions and association staff met with officials from the Treasury Department Tuesday to share the credit union perspective on, as well as observations related to, cybersecurity.
NAFCU Director of Regulatory Affairs Ann Kossachev, Senior Regulatory Counsel Elizabeth LaBerge, Senior Regulatory Affairs Counsel Kaley Schafer, and Senior Counsel for Research and Policy Andrew Morris attended the teleconference meeting, alongside:
- Tower Federal Credit Union Senior Vice President and Chief Information Officer James Burner;
- ESL Federal Credit Union Manager - Information Security Matthew Davis;
- Michigan State Federal Credit Union Chief Risk Officer Jim Hunsanger; and
- Firstmark Credit Union CEO Nathanael Tarwasokono.
During the discussion, NAFCU and the credit unions highlighted insights from the association's 2020 NAFCU Report on Credit Unions, which found on average 7.2 percent of credit unions' current operating budgets is devoted to cybersecurity. This represents a 225 percent increase in average spending over 2015.
The report also found that over the next three years, 94 percent of credit unions who participated in the survey intend to further increase spending in information technology (IT) with 63 percent identifying IT and cyber risk as a significant risk management concern over the next three years.
Additionally, the group discussed technical resources available to credit unions and issues related to interagency coordination on rulemakings, including the CFPB's recent proposals to implement section 1033 of the Dodd-Frank Act.
NAFCU highlighted that the rulemaking could have significant data security ramifications for financial institutions and has previously urged the bureau to refrain from developing any rule that could potentially interfere with bilateral agreements that currently govern structured data sharing requests with third parties.
NAFCU is working to ensure credit unions have access to the resources they need to stay on top of cybersecurity issues. The association's complimentary, member-only network – the Cybersecurity & IT Network – aims to bring industry professionals together to connect on ways to better protect members' financial data and strengthen systems.
NAFCU and its member credit unions will remain engaged with administration officials, lawmakers, and regulators to advocate for additional regulatory relief. See the 12 issues NAFCU has urged policymakers to take immediate action on.
Add to Calendar 2021-02-26 14:00:00 2021-02-26 14:00:00 The CDFI Rapid Response Program With the recent COVID-19 relief legislation, unprecedented levels of funding are being directed to underserved communities, especially communities of color. Community Development Financial Institution (CDFI) certified credit unions have a critical role to play in deploying these funds. The CDFI Fund's Rapid Response Program (RRP) opens by February 25th, making available $1.25 billion in grants to CDFIs. This webinar will help you to prepare for the RRP and other CDFI applications. All first-time CDFI Fund grant applicants are urged to attend. Don’t miss this unique opportunity to learn more about how your credit union can tap into these resources for the benefit of the members and communities you serve. CDFI certification is an essential credential for credit unions with a focus on financial inclusion today. If you have never applied for a CDFI grant, don’t miss this critical webinar. Key Takeaways Review updated information about the RRP opportunity and application process Walk through critical first steps to complete before you apply for CDFI Fund grant Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until February 26, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Chief Lending Officers (CLOs) Business Lending Staff Lending Staff Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. 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
Add to Calendar 2021-02-25 14:00:00 2021-02-25 14:00:00 Fundamentals of Credit Union Subordinated Debt This webinar will cover NCUA’s new rule authorizing the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Previously only low-income credit unions could issue subordinated debt that can count toward their net worth requirement. Under the rule, complex credit unions and new credit unions, as well as low-income credit unions, may issue subordinated debt that can count toward their risk-based capital requirement. The webinar will address material terms of the rule and the subordinated debt instrument. We’ll also cover the regulatory approval process, eligible investors, the offering process, reasons to issue subordinated debt and the current interest rate environment. Key Takeaways Understand managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until February 25, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Chief Executive Officers Executive Vice Presidents Chief Financial 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. 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 managing the regulatory approval process. Gain familiarization with key terms of the subordinated debt note. Review the issuance and marketing process. Discuss current market dynamics for credit union sub debt. 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: Finance - 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: NCRM, NCCO, CPE
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