Cybersecurity, TRID lead this month’s CompBlog Wrap-Up

August 11, 2015

WASHINGTON (8/11/15)--Analysis of a new assessment tool and how the National Credit Union Administration will use it highlights the cybersecurity section of CUNA’s July Comp Blog Wrap-Up, which also includes a look at the latest from the Consumer Financial Protection Bureau (CFPB) and the U.S. Government Accountability Office.

The monthly wrap-ups contain highlights from CUNA compliance staff entries from the last month of CompBlog entries.

The Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment tool last month as a way for financial institutions to help identify risks and assess security preparedness. CUNA compliance staff met with the NCUA shortly after the release to discuss the details.

“NCUA encourages credit unions to familiarize themselves with the new cybersecurity assessment tool. Credit unions of all sizes may use the tool as well as their own methodologies to perform a self-assessment and evaluate their risk management strategies,” CompBlog reads. “Credit unions’ use of the assessment tool is not required at this point. However, NCUA examiners will be receiving training on the tool in the coming months. And, required usage of the tool will follow within the next year--likely in June 2016.”

The Wrap-Up also included a link to CUNA’s CompNotes analysis of the tool.

Other items covered in this month’s CompBlog Wrap-Up include:

  • Information on the NCUA’s recent actions regarding its fixed-assets proposal, capital planning and stress testing cycles, field-of-membership rules and payday loans;
  • Links to the CFPB’s final rule on the Oct. 3 implementation date for the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule and latest TRID webinar. Also, entries regarding the bureau’s actions on faster payments, consumer complaints, money management and more;
  • A look at the Department of Housing and Urban Development’s equal access rule, an update on the Specially Designated Nationals List, and the Supreme Court’s disparate impact decision; and
  • Highlights of CUNA compliance staff question-and-answer sessions on mortgage lending, the Telephone Consumer Protection Act, trust accounts and federal employee board governance.

The Wrap-Up also includes a look at the Department of Defense’s final rule on the Military Lending Act, which was also addressed in CUNA’s Removing Barriers Blog. See "CUNA publishes analysis of MLA final rule" for CUNA advocacy staff’s look at the proposal.