Fri, May 15, 2015
Part 748 of the NCUA Rules and Regulations requires each federally-insured credit union develop a comprehensive written security program (including administrative, technical, and physical safeguards appropriate to their size, complexity, and the nature and scope of their operations) within 90 days of the date it is insured by the National Credit Union Share Insurance Fund (NCUSIF). The security program and associated procedures will be evaluated during examinations by the NCUA or state credit union regulator.
What does the credit union need to do?
The credit union must develop and have the board approve a written security program. The program must provide for and address the following areas:
- Protecting each credit union office from robberies, burglaries, and larcenies.
- Ensuring the security and confidentiality of member records, and protecting against anticipated threats or hazards to the security or integrity of such records and unauthorized access or use of such records that could result in substantial harm or serious inconvenience to a member, as provided in Appendix A of Part 748 of NCUA’s Rules and Regulations.
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Review the information today to help your credit union remain in compliance.