February 16, 2023

Today: NCUA Board to discuss cyber incident reporting rule, FOM reform

NCUAThe NCUA Board will meet later today to discuss key issues for credit unions and is set to finalize its rule on cyber incident notification requirements. The proposed rule would establish a 72-hour period for federal credit unions to provide notice to the NCUA of a reportable cyber incident.  

NAFCU has shared feedback on the rule, flagging concerns on the increased administrative burden with the time requirement. The association outlined nine recommendations for the agency to help reduce the rule’s burden, including by clarifying core terminology and the relationship between overlapping reporting standards.

Of note, the board will consider a proposed rule related to chartering and field of membership. The agency’s fall rulemaking agenda indicated this is an effort to remove outdated requirements, simplify the charter approval process, and clarify regulatory language. NAFCU has long advocated for field of membership reforms to allow credit unions to serve more members, especially in underserved communities, including a recent request for the NCUA to amend its regulations to expand membership eligibility to all “immediate family” in the event of a credit union member’s passing.

The board will also receive a quarterly update on the Share Insurance Fund. The meeting, set to begin at 10 a.m. Eastern, will be livestreamed on the agency’s website. NAFCU will provide members with updates after it concludes.