Social Media Security

Does your credit union utilize a Facebook page or Twitter? What exactly IS Social Media and how secure is it?

Definition of Social Media
Social media is a form of interactive online communication in which users can generate and share content through text, images, audio, and/or video. Social media can take many forms, including, but not limited to, micro-blogging sites (e.g., Facebook, Google Plus, MySpace, and Twitter); forums, blogs, customer review web sites and bulletin boards (e.g., Yelp); photo and video sites (e.g., Flickr and YouTube); sites that enable professional networking (e.g., LinkedIn); virtual worlds (e.g., Second Life); and social games (e.g., FarmVille and CityVille).

Social media can be distinguished from other online media in that the communication tends to be more interactive. For purposes of the Guidance, messages sent via email or text message, standing alone, do not constitute social media, although such communications may be subject to a number of laws and regulations discussed in this Guidance. Social media is a dynamic and constantly evolving technology and thus any definition for this technology is meant to be illustrative and not exhaustive. In addition to the examples of social media mentioned above, other forms of social media may emerge in the future that financial institutions should also consider.

For additional information, click here for the topic.

Review the information today to help your credit union remain in compliance.

 

Proposal would postpone TILA/RESPA Integrated Disclosure date to October 3

The Consumer Financial Protection Bureau has issued its promised proposal to delay the effective date of its TILA/RESPA Integrated Disclosure (TRID) rule, dubbed the "Know Before You Owe" rule by the Bureau, not to October 1, as it announced earlier, but to October 3, 2015, to accommodate lenders planning on a Saturday effective date. The proposal is 23 pages long, including prefatory text explaining the reasons for the proposed postponement -- the Bureau does acknowledge that it "has learned that delays in the delivery of system updates have left creditors and others with limited time to fully test all of their systems and system components to ensure that each system works with the others in an effective manner." Also included are a number of proposed changes to the text of the regulation and commentary in which specific references to the current effective date of August 1 are included. Comments on the proposal are due by July 7, 2015.

Source: CFPB


Cyber Security Resources Provided
With data breaches and information “stealing” occurring all over the world and in all business and financial arenas, the NCUA has provided a link to Cyber Security Resources. Information here is designed to assist credit unions in learning more about how cyber security affects the industry, provides NCUA regulation information, includes FFIEC booklets on this type of crime, and much more.

Source: NCUA


FFIEC Releases Cybersecurity Assessment Tool

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today released a Cybersecurity Assessment Tool (Assessment) to help institutions identify their risks and assess their cybersecurity preparedness.

Financial institutions of all sizes may use the Assessment and other methodologies to perform a self-assessment and inform their risk management strategies. The release of the Cybsercurity Assessment Tool follows last year’s pilot assessment of cybersecurity preparedness at more than 500 institutions. The FFIEC members plan to update the Assessment as threats, vulnerabilities, and operational environments evolve.

In addition to the Assessment, the FFIEC has also made available resources institutions may find useful, including an executive overview, a user’s guide, an online presentation explaining the Assessment, and appendices mapping the Assessment’s baseline maturity statements to the FFIEC Information Technology Examination Handbook, mapping all maturity statements to the National Institute of Standards and Technology's Cybersecurity Framework, and providing a glossary of terms.

The FFIEC members are also encouraging institutions to comment on the Assessment through an upcoming Paperwork Reduction Act notice in the Federal Register.

The FFIEC provides several resources to further awareness of cyber-threats and help financial institutions improve their cybersecurity. These resources are available on the FFIEC website at http://www.ffiec.gov/cybersecurity.htm.

Link: Cybersecurity Assessment Tool webpage

Source: NCUA


NCUA Hosting Webinar on Compliance

​ALEXANDRIA, Va. (July 1, 2015) – Keeping pace with regulatory changes is important, and an upcoming National Credit Union Administration webinar, “Fine-Tuning Your Compliance Program: Common Compliance Violations,” will provide valuable information about best practices for avoiding violations.

The webinar is scheduled for Tuesday, July 21, beginning at 2 p.m. Eastern. There is no charge. Qualifying attendees will be offered a certificate of attendance.

The webinar will hosted by Diane Rector, training manager with NCUA’s Office of Small Credit Union Initiatives, and Kathryn Baxter, Office of Small Credit Union Initiatives program manager. They will be joined by:

  • Judy Graham, program officer with NCUA’s Office of Examination and Insurance;
  • Patrick Truett, information systems officer with the Office of Examination and Insurance;
  • Matt Nixon, program officer with NCUA’s Office of Consumer Protection;
  • JiJi Bahhur, director of regulatory compliance for the National Association of Federal Credit Unions; and
  • Bernadette Clair, senior regulatory compliance counsel for the National Association of Federal Credit Unions.

The panel will discuss how credit unions can navigate common compliance issues and examine various compliance areas of interest.

Online registration is available here. Participants will use the same link to log into the webinar. Registrants should allow pop-ups from this website. The webinar will last 90 minutes.

Participants may submit questions in advance at WebinarQuestions@ncua.gov. The subject line of the email should read, “Compliance Violations.”

Participants with technical questions about accessing the webinar may email audience.support@on24.com. This webinar will be closed captioned and then archived here  approximately three weeks following the live event.

NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.

Source: NCUA

 

Credit Unions Have until July 7 to Comment on Implementation Timeframe

ALEXANDRIA, Va. (June 25, 2015) – Credit unions have until July 7 to comment on the Consumer Financial Protection Bureau’s proposal to delay the effective date of a significant mortgage disclosure regulation, National Credit Union Administration Board Chairman Debbie Matz said today.

CFPB proposes to make the final rule effective Oct. 3, 2015, instead of the original date of Aug. 1. The proposal to extend the effective date is expected to be published in the Federal Register soon and is currently available here.

“These new mortgage disclosure requirements have important consequences for credit unions and their members,” Matz said. “Credit unions have an opportunity to voice their views on the timeline for rolling out the new disclosures. Credit unions may need time to perform conclusive testing and work with technology vendors on the TILA-RESPA mortgage disclosure systems. They can provide CFPB with valuable, practical information about their experiences preparing to issue the new disclosures and their implementation concerns.”

Comments must be received before July 7, 2015, must be identified by Docket No. CFPB-2015-0029 or RIN 3170-AA48 and may be made by any of the following methods:

  • Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
  • Email: FederalRegisterComments@cfpb.gov. Include Docket No. CFPB-2015-0029 and/or RIN 3170-AA48 in the subject line of the email.
  • Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552.
  • Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE., Washington, DC 20002.

Source: NCUA 


Regulatory Advocacy Report

The CUNA Regulatory Advocacy Report keeps you on top of the most important changes in Washington for credit unions--and what CUNA is doing to monitor, analyze, and influence government agencies and federal law. You can view the current report and past reports from the archive.


FREE Webinars on ComplySight, the League's latest compliance resource

Registration is now open for your front row seat to learn about ComplySight, the league's newest addition to your compliance toolbox. If you're looking for a solution to the compliance tidal wave, this system is for you! (Please register at least 15 minutes prior to the start of the webinar to allow for login information to be sent.)

Introduction to ComplySight

Designed to introduce and show the many features and benefits of ComplySight.

Introduction to ComplySight
7/07/15 3:30 pm
7/14/15 3:30 pm
7/23/15 3:30 pm
7/28/15 3:30 pm

 

ComplySight Training & Tips:

An opportunity to review specific ComplySight topics in detail. Topics change so that users can continue to learn additional ComplySight functionality.

ComplySight Training & Tips
7/09/15 3:30 pm
7/21/15 3:30 pm

 

InfoSight
Compliance eNEWSLETTER

July 3, 2015
Vol. 9, Issue 26


Created in partnership with the

Credit Union National Association

CU Compliance Connection – Mortgage Amendments

View this presentation to learn about the 2015 Mortgage amendments, including an overview of monetary thresholds in the CFPB rules associated with consumer pricing indexes, as well as some effective rules that may impact your Mortgage Lending policies and procedures.

Click here for the video

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CUNA AND CUNA Webinars

CUNA offers hundreds of online training events that make it easy for you to learn right at your desk. Click here for updates on compliance, operations, lending topics and more!

CUNA Residential Mortgage Lending eSchool 7/7/2015

Minimizing the Risk of Mortgage Fraud webinar 7/7/2015

Growing Your Purchase Loan Volume - Building Market Share webinar 7/9/2015

Seizing Market Share in a Purchase Market webinar 7/14/2015

Putting Common Sense in Underwriting - Will the Loan Be Repaid or Not webinar 7/16/2015

What is New in Mortgage Lending Compliance webinar 7/21/2015

CUNA Marketing Compliance eSchool 7/22/2015

Appraisal Madness - How to Know if the Value is Supported webinar 7/23/2015

Custom Construction Lending - An Introduction webinar 7/28/2015

Introduction to Financial Management Analysis and Problem Solving webinar 9/10/2015

Custom Construction Lending - Technical Stuff, Best Practices and Red Flags webinar 9/10/2015

Money Mission Demo - Online Financial Literacy Game webinar 09/14/2015

Balance Sheet Earnings webinar 9/17/2015

Introduction to Investments webinar 9/24/2015

Loan and Deposit Pricing webinar 10/1/2015

ACH Origination webinar series 10/13/2015

Forecasting and Budgeting Approaches webinar 10/8/2015

ACH Origination webinar series 10/13/2015

Determining Loan Losses and Strategic Decisions webinar 10/15/2015

CUNA Financial Management eSchool - Part 2 10/22/2015

Advanced Financial Ratios webinar 10/22/2015

Advanced Asset-Liability Management webinar 10/29/2015

Advanced Financial Management Analysis and Problem Solving webinar 11/5/2015

Balance Sheet Earnings webinar 11/12/2015

Identify Interest Rate and Market Risks webinar 11/19/2015

Liquidity and Funding Risk webinar 12/3/2015

Money Mission Demo - Online Financial Literacy Game webinar (12-07-2015)

Forecasting and Strategically Planning for Long-Term Growth webinar 12/10/2015

Managing Credit Risk webinar 12/17/2015