Credit Unions

Credit union technical operations regulations primarily focus on ensuring the secure and reliable use of technology, including electronic means and information systems, to conduct business and protect member data. These regulations cover aspects like electronic operations, cybersecurity, data privacy, and risk management.

NCUA CyberSecurity Resources

Electronic Operations: Credit unions can utilize electronic means and facilities, including ATMs, mobile apps, and online platforms, to provide services, but must implement appropriate security measures and internal controls.

Cybersecurity: Credit unions must have robust security measures in place to protect member information systems and data from cyberattacks. This includes regular risk assessments, incident response planning, and reporting cyberattacks to regulatory authorities.

Data Privacy: Credit unions must adhere to privacy laws and regulations, such as the Gramm-Leach-Bliley Act (GLBA), to safeguard nonpublic personal information.

Risk Management: Credit unions must identify, assess, and mitigate risks associated with their technology operations, including risks related to outsourced services, third-party vendors, and new technologies. 

Oversight of Outsourced Services: Credit unions utilizing service bureaus or other outsourced technology services must implement a monitoring program to ensure the provider's operations, controls, financial condition, and performance standards are adequate. 

Third-Party Risk Management: Credit unions must assess the risks associated with third-party vendors and implement appropriate controls to mitigate those risks. 

Reporting Requirements: Credit unions must report certain events, such as cyberattacks, to regulatory authorities within specified timeframes. 

Continual Improvement: Credit unions should regularly review their policies and procedures to ensure they remain current and adequate in light of evolving technologies and threats. 

Training and Awareness: Staff should receive ongoing training and awareness programs related to security threats, data privacy, and cybersecurity best practices.