The NCUA Board Thursday approved a final rule updating its corporate credit union rules and a proposed rule to amend the agency’s derivatives rule in subpart B to part 703 of its regulations. Of note, the board voted to remove the fourth item – a request for information on the agency’s supervisory guidance and communication improvements – from the meeting agenda.
In light of National Cybersecurity Awareness Month, the board was briefed on coronavirus-related cyber-attacks, including phishing, ransomware, and other means, that seek to exploit inadequacies in cyber hygiene policies and procedures. The board went on to reiterate its strong support for legislative authority to allow the NCUA to examine third-party vendors following pandemic recovery.
NAFCU has historically opposed granting the NCUA third-party vendor authority.
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