This Digital Edition requires Flash 9.0.115 or above to activate some rich media components.

Please click the following link to download and install: Get Adobe Flash player
When you are finished installing, please return to this window and PRESS F5 to view this edition.


TAB THE TAB HERE LAW HERE BY DANIELLA CASSERES BY AUTHOR NAME HERE Cyber Security Is your credit union safe When it comes to the safety of your credit union members personal information online this year is going to be more tightly regulated and enforced than ever before. Read on to find out the various state and agency reforms that may impact your CU s cybersecurity measures in 2016. F or years regulators have required credit unions to maintain the security of consumer non-public personal information. In 2016 it appears that information security specifically cyber security will be at the top of regulators legislative and enforcement agendas. As virtual networks become more important to business growth so does the need to protect information shared through those networks. Regulatory focus on cyber security is evident from various state and agency reforms that have either recently taken place or are imminent. Wyoming for example recently updated its information security laws to amend its definition of personally identifiable information. The state also changed its security breach notification requirements. Other states including California and New York have launched cybersecurity initiatives to propose and implement new legislation. The New York Department of Financial Services issued a letter in November 2015 inviting feedback from federal agencies including the National Credit Union Administration to develop comprehensive financial industry cybersecurity regulations. New York s letter included a list of proposed standards that would require financial institutions to maintain cybersecurity policies and procedures require minimum contract terms with third-party service providers concerning cyber security designate a qualified chief information 38 C R E D I T U N I O N B U S I N E S S security officer conduct cybersecurity audits and vulnerability assessments and implement specific notification guidelines to report security breaches. The increased emphasis on cyber security for financial institutions highlights the need for strong thirdparty vendor due diligence which is already required by federal regulators such as the Consumer Financial Protection Bureau. Third-party vendors that have access to a company s information technology systems or a consumer s non-public personal information pose a great risk if they have weak security systems or controls in place. Freddie Mac recognized this thirdparty-provider risk by amending its guidance. Effective F E B R U A R Y 2 0 1 6 C U B U S I N E S S . C O M THE LAW May 2016 the mortgage corporation will now require its sellers servicers to ensure that third-party providers and outsourced vendors meet information security requirements. As agencies ramp up their cybersecurity legislation and exam procedures we can expect additional enforcement. Credit unions should ensure that they are adequately implementing and updating any policies and internal controls to ensure that non-public consumer information is safely maintained. Every credit union should monitor information security in connection with its information safeguards policies and should maintain and test its business continuity and disaster relief plans. In addition due diligence at the onset of third-party vendor relationships and regular monitoring will be essential to complying with existing and forthcoming new regulatory requirements. As we begin 2016 an examination of current cybersecurity policies and procedures should be a priority for credit unions. Daniella Casseres legal practice focuses on laws and regulations governing mortgage lenders mortgage brokers financial institutions and consumer finance companies. She regularly advises clients on state and federal compliance laws and regulations including fair lending advertising licensing privacy TILA RESPA FHA FCRA and BSA requirements. millennials A generation marked by increased use of social media and digital technologies. Would this ad matter to the generation that can make or break a brand within a few keystrokes These digital natives are the current prime target for credit unions everywhere and PSCU has the social media tools and insights you need to reach them in a way that s relevant. The leading CUSO for 30 years we know a thing or two about embracing change and having conversations that matter. Let us show you how. 888.918.7357 39 C R E D I T U N I O N B U S I N E S S F E B R U A R Y 2 0 1 6 C U B U S I N E S S . C O M Introducing The Team Builder from CU Business Magazine Helping to strengthen credit unions and their communities. VIEW FROM THE CROW S NEST COMPLIANCE UPDATE LENDING SOLUTIONS MARKETING MATTERS TECHNICALLY SPEAKING BRANCH BUSINESS CFO CURRENCY CEO VELOCITY MEMBER BUSINESS LENDING BUILD YOUR TEAM Tim O Hara Publisher CU Business Dear Tim You know how much I enjoy reading your magazine which is always filled with helpful and timely articles Sign up at Join hundreds of CUs across the country by sharpening the skill sets of your department heads by signing up to 10 team members to receive CU Business monthly eMagazine weekly eNewsletters and over 5 years of back issues on our website. We email each Team Member PDF versions of pertinent articles before they are published according to title CEO gets CEO Velocity and View from the Crow s Nest CFO receives CFO Currency Lending department gets Lending Solutions Marketing Executives receive Marketing Matters Compliance department gets Compliance Update Trainers receive CU Training Branch Supervisors get Branch BUSINESS. Cost is only 500 per year 20% of which is sent to Children s Miracle Network to be filtered to the CMN children s hospital nearest the CU s community. A Website Wall of Fame will credit each CU with the CMN donation citing CU name city asset base and CEO. With the new Team Builder program I ll be able to retain hard copies of your magazine and ensure that my colleagues receive helpful articles on a position-specific basis I also think supporting the Children s Miracle Network is a wonderful idea Thanks again and keep up the great work Best Walter Walter Merkle Executive Vice President Northwest Georgia Credit Union Signing up is simple Send a check for 500 ( 100 of which goes to CMN) along with a list of names titles and email addresses of up to 10 team members. Or pay just 46.60 per month on any major credit card www. register. PO Box 2223 Palm Beach Fl. 33480 Or call 561-282-6015 1