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NAFCU Regulatory Affairs Counsel Andrew Morris is at the Treasury Department today for a meeting with the Financial Services Sector Coordinating Council (FSSCC), of which NAFCU is a founding member, to discuss various cybersecurity updates.

The meeting is jointly hosted with the Financial and Banking Information Infrastructure Committee (FBIIC). NAFCU has worked with both the FSSCC and FBIIC on cybersecurity issues.

During today's meeting, Morris will receive an update on various initiatives within the cyber space, including from the Financial Systemic Analysis and Resilience Center. He will also hear a regulatory priorities presentation. Treasury Department's Assistant Secretary for Financial Institutions Chris Campbell will be a guest speaker.

Other sessions during today's meeting include an update from the Homeland Security Information Network and a panel discussion focused on the operations of the Threat Fusion Center.

Cybersecurity is also a supervisory priority for the NCUA this year, as the agency is using its Automated Cybersecurity Examination Tool (ACET) on credit union with more than $1 billion in total assets. This tool closely mirrors the Federal Financial Institutions Examination Council's Cybersecurity Assessment Tool, which was released in 2015 as voluntary guidance.

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.