Cybersecurity is a priority and top-tier risk under the National Credit Union Administration agency’s risk-management program. Appointed by the US President and confirmed by the Senate, a three-member NCUA Board of Directors is responsible for accomplishing all objectives by setting policy, approving budgets, and adopting rules.
NCUA insures credit union deposits, regulates all credit unions, and protects credit union members. The aim of the NCUA is two-fold, 1) to protect the system of cooperative credit and 2) protect credit union member-owners through effective chartering, supervision, regulation, and insurance. Credit unions that don’t meet National Credit Union Administration (NCUA) standards risk monetary penalties, lawsuits, and enforcement actions up to, and including, shutting down operations.
The SureShield platform simplifies NCUA compliance by automating technical controls and guiding you through operational controls. SureShield’s automation will reduce your overall NCUA compliance cost by up to 90% when compared to traditional, labor-intensive compliance methods. For organizations requiring compliance to multiple frameworks, crosswalk automation drives cost savings up toward 90%.
NCUA collects and analyzes data within the credit union system to monitor its financial performance.
NCUA offers valuable support services to the credit union system such as compliance assessment frameworks.
The NCUA framework emphasizes member education.
The NCUA framework identifies, monitors, and reduces risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the U.S. government, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in federal credit unions, as well as to a large majority of account holders in state-chartered credit unions.
Federally insured credit unions are required to have an effective, written System Security Plan (SSP), and receive an NCUA examination on a periodic basis to ensure continuing compliance with applicable laws and regulations, safety, and soundness. A comprehensive review of the credit union’s IT security program is performed during each examination.
The NCUA’s information security examination program incorporates its Automated Cybersecurity Evaluation Tool Box (ACET) which allows the NCUA and credit unions to assess the maturity of a cybersecurity program. The tool incorporates cybersecurity standards and practices established for financial institutions. The tool maps each of its declarative statements to the practices found in the FFIEC IT Examination Handbook, regulatory guidance, and leading industry standards like the National Institute of Standards and Technology Cybersecurity Framework.
Activate NCUA framework
Install scanner for compliance evidence gathering
Review baseline evidence to score compliance control status
Close compliance gaps
Ongoing compliance and gap surveillance
Enforced maintenance of compliance readiness
Do you need help assessing your compliance readiness? Learn how our automated crosswalk technology will dramatically reduce your labor requirements. Schedule your free consulting session, up to 1 hour.