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The NCUA Board proposed chartering and field-of-membership changes and issued its final cyber incident reporting rule at its Thursday meeting. The board also heard a quarterly update on the share insurance fund, which noted an increase in the fund's equity ratio to 1.30%."
The proposal would amend the chartering and FOM rules through nine changes to enhance consumer access to financial services, especially in low- and moderate-income communities while reducing duplicative or unnecessary paperwork and administrative requirements.
“Getting credit union services to more communities across the country is important to CUNA, state leagues and the credit unions we serve, and making that easier to achieve has a big impact on access,” said CUNA Deputy Chief Advocacy Officer Jason Stverak. “While we need to review the proposal in detail, we thank the NCUA board for working to streamline the ability of credit unions in reaching underserved communities."
Specifically, the proposal:
The cyber incident reporting final rule requires federally insured credit unions to notify NCUA as soon as possible—but no later than 72 hours after—it reasonably believes a reportable cyber incident has occurred.
This notification requirement provides an early alert to the NCUA and does not require credit unions to provide a full incident assessment to the NCUA within the 72-hour timeframe.