NAFCU provides NCUA with list of recommendations for regulations under review; urges coordination with members of Congress and updates to the FCU Act
In a letter to the NCUA regarding its 2021 Regulatory Review with one-third of regulations, NAFCU Director of Regulatory Affairs Ann Kossachev wrote to NCUA’s General Counsel Frank Kressman. Kossachev noted that certain aspects of the regulations under review may require Congressional action to achieve full modernization with industry standards and practices. She urged the NCUA to work with members of Congress and support legislation to update the Federal Credit Union Act.
For instances where the NCUA has full authority to make changes, Kossachev outlined recommendations for the NCUA to consider. These recommendations include focusing on intent and usefulness of SARs rather than technical compliance, including clear instructions for credit unions on addressing AML/CFT priorities in their risk assessments, considerations for flexibility on post-employment benefit offers, and more.
In the letter, Kossachev also discusses the need to update procedures on record retention for credit unions. She urges the NCUA to align record retention requirements with statutes of limitations based on product and information type, provide guidance on corporate governance documents from merged credit unions, including whether they fall under the record requirements and if so the length of time the records should be retained.
“NAFCU appreciates the opportunity to provide comments on regulations under consideration in this year’s annual regulatory review,” Kossachev concluded. “NAFCU looks forward to future opportunities to work with the NCUA to achieve the modernization of the regulations affecting America’s credit unions.”
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical 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
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
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