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Payment Systems & Cybersecurity
In an effort to push more capabilities and flexibility to members and customers, financial institutions have embraced automated payment platforms such as FedLine and SWIFT. These services make it easy to exchange funds between individuals and businesses across the country and across borders. Naturally, with the expanded use of these technologies, the cybersecurity risks that correspond to these technologies increase as well. The risks not only threaten the institutions that use these services, but they threaten the organizations that provide them
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NCUA’s Risk-Based Capital Rule is approaching – what does it mean for your Credit Union?
fter a series of extensions, the new standard is effective January 1, 2022. The 2015 Final Rule restructures the NCUA’s current prompt corrective action (PCA) regulations by replacing the existing risk-based net worth ratio with a new risk-based capital ratio for “complex” federally insured, natural-person credit unions. The changes resulting from the new rule result in a risk-based capital calculation more consistent with that used for corporate credit unions and those of other banking agencies, such as the OCC. The new well-capitalized ratio threshold will increase from 7% to 10%.
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Looking Ahead in 2022
One of CLA’s strategic advantages is our deep industry specialization. As we look to get a leg up on 2022 and absorb the lessons learned from 2020 and 2021, we see numerous opportunities and areas of focus for our financial institution clients. If we’ve learned anything during this time, it’s that we need to look at risk differently in this ever-changing environment.
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Cybersecurity Advisory Prompts Financial Institutions to Analyze Security and Continuity Measures
The Cybersecurity and Infrastructure Security Agency (CISA) recently issued a warning cautioning United States organizations of the heightened cybersecurity threats in the wake of conflicts between Russia and Ukraine. The CISA prompted financial regulators to instruct their financial institutions to reevaluate security and continuity planning. Regulators warn that the current cybersecurity threat landscape may exceed previously acceptable recovery arrangements.
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CECL Blog Series – Part #7
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time!
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CECL Blog Series – #6
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time!
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CECL Blog Series – Part #5
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time
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CECL Blog Series – Part #4
This blog post will continue our CECL Blog Series, where we’re hoping to answer you your CECL Questions one blog at a time!
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Guidance for Credit Unions Capitalizing Interest
The NCUA Board voted to remove the prohibition on the capitalization of interest for loan modifications and workouts.
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Key Considerations When Evaluating Your Technology Vendor Contracts
Evaluating technology vendor contracts can be a challenging and time-consuming task, but it’s an important step in helping your financial institution understand risk and incorporate favorable rates and terms.
