Compliance: NCUA’s supervisory priorities for 2018

NCUA has released its list of supervisory priorities for 2018 in a letter to federally insured credit unions (17-CU-09). A CUNA CompBlog entry provides information on the letter, which is also available on NCUA’s website.

Cybersecurity Assessment. NCUA will start using the Automated Cybersecurity Examination Tool (ACET), designed to assist the agency in assessing the level of cyber preparedness across financial institutions.   Examiners will first use the tool to assess credit unions with over $1 billion to establish a baseline. ACET will be used throughout 2018 as a test comparison among institutions to ensure that measures/scales are appropriate for smaller less complex institutions.  NCUA encourages credit unions to continue to self-assess cyber preparedness using the FFIEC’s Cyber Assessment Tool;

Bank Secrecy Act Compliance. Examiners are required to review credit unions’ compliance with the Bank Secrecy Act and complete the related examination questionnaire at every examination. The Customer Due Diligence regulations become effective May 11, and examiners will begin assessing compliance with this new regulation in the second half of 2018;


continue reading »