WASHINGTON (3/29/16)--Individuals wishing to provide feedback on the Federal Financial Institutions Examination Council Cybersecurity Assessment Tool will have the chance April 7, as part of a National Standards of Institute and Technology cybersecurity workshop.
Increasingly frequent and severe cyberattacks involving extortion sparked a warning to credit unions and other financial institutions from the Federal Financial Institutions Examination Council Tuesday.
The regulatory burdens for credit unions due to the Federal Financial Institutions Examination Council’s Cybersecurity Assessment Tool will be much greater than the council estimates, according to CUNA.
CUNA compliance staff met with National Credit Union Administration staff this week to discuss the details of the new Cybersecurity Assessment Tool issued by the Federal Financial Institutions Examination Council.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
The 2017 CUNA GAC kicks off Feb. 26, registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.