FFIEC Requirements – Why are they important?
Whether you are new to the credit union industry or an old pro – there is one thing for sure, the regulations and guidelines just don’t seem to ever stop coming! And for good reason, never has the industry been under such a fast paced and constantly changing threat environment. The good news is the foundational tools you use to protect your credit union are based on proven methodologies/standards and are constantly updated to ensure you have the best information possible. If you’re thinking the only place you need to look is NCUA – try again. NCUA provides guidelines based on information from many places but when it comes to IT requirements the majority of the information comes from the Federal Financial Institution Federal Council (FFIEC).
“The Federal Financial Institution Examination Council (FFIEC) is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions.”
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