NCUA issues new FAQs related to coronavirus, offers webinar on TDR
UPDATE: The interagency webinar has been postponed. A rescheduled date has yet to be announced.
NCUA issued 16 FAQs related to the coronavirus' impact on the agency and credit union operations. NAFCU is working closely with the NCUA to ensure credit unions receive the guidance and relief needed to work through coronavirus issues and continue to serve members.
In the past few days, the NCUA has joined with other regulators to encourage financial institutions to support borrowers, announced a bylaw amendment credit unions can adopt to hold virtual meetings in certain circumstances, and offered urgent needs grants to federally insured, low-income designated credit unions that are incurring unexpected costs.
The NCUA and federal and state regulators will also host an interagency webinar Friday to clarify the interagency statement on supporting borrowers, specifically addressing troubled debt restructurings (TDRs). The webinar is scheduled for 2 p.m. Eastern; registration is available here and questions can be submitted in advance via email.
The FAQs address several areas the NCUA and other federal regulators have released guidance on, including:
- planning annual meetings and board of directors meetings;
- delaying annual meetings or board elections;
- restricting access or closing facilities;
- filing Bank Secrecy Act reports; and
- filing quarterly call reports.
In addition, the FAQs further explain the impact on NCUA examinations and supervision, using the agency's Central Liquidity Facility (CLF), guidance on working with borrowers affected by the coronavirus pandemic, resources for share insurance questions, and more.
NAFCU President and CEO Dan Berger last week spoke with NCUA Board Chairman Rodney Hood to further discuss the association's requests for relief to help credit unions deal effectively with the coronavirus.
To assist with NAFCU's advocacy efforts, credit unions are encouraged to email any updates on how their institution is being impacted and steps that they are taking to help members to email@example.com.
Stay tuned to NAFCU Today for the latest developments, and access the association's coronavirus resource page.
Add to Calendar 2020-03-26 14:00:00 2020-03-26 14:00:00 Data Breaches – Mitigation and Response Strategies As data breaches continue to make the headlines credit unions are challenged to maintain member confidence in their ability to recognize, react and respond to intrusions in order to safeguard member financial information and transactions. A core component of cybersecurity risk management is a well-designed Incident Response program that supports the credit union’s needs. This session will summarize up to date information on the latest cybersecurity risks and how breaches occur. We will also explore regulatory guidance and current practices for a credit union to define and manage an incident response program. Key Takeaways Understand the latest developments in ransomware and account take over attacks Explore case studies from recent intrusions, breaches and lessons learned from each case study Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365 Understand the various aspects of the “Cybersecurity Kill Chain” Define key strategies to test your institution’s Incident Response program Register Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until March 26, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance staff Risk management staff Legal staff 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 the latest developments in ransomware and account take over attacks. Explore case studies from recent intrusions, breaches and lessons learned from each case study. Learn how to describe key risks and controls to mitigate and respond to breaches in Office 365. Understand the various aspects of the "Cybersecurity Kill Chain". Define key strategies to test your institution's Incident Response program. 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: Regulatory Ethics - 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 firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, CPE
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