National Association of Federal Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement regarding the National Credit Union Administration (NCUA) Board briefing today on cybersecurity and the Temporary Corporate Credit Union Stabilization Fund during its open board meeting.
“NAFCU appreciates the NCUA Board’s discussion of credit union cybersecurity,” said Hunt. “With the agency’s recently adopted use of the Federal Financial Institutions Examination Council’s Cybersecurity Assessment Tool during credit union exams, we are gratified the agency has heeded our concerns and plans to keep the use of the tool voluntary for credit unions.”
“Regarding the stabilization fund, NAFCU and our member credit unions are pleased that no future assessments on credit unions are likely. We welcome NCUA’s persistence in securing recoveries from Wall Street firms that sold faulty securities that led to the downfall of five corporate credit unions,” Hunt said. “We support the agency’s continued efforts in this regard and continue to press for full transparency on the recovery process and any forthcoming rebates to credit unions.”
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.