By Donya Parrish, MCU VP- Risk Management
NCUA put out two important communications last month that have good action steps to consider in the new year. Whether you are the CEO or a board or supervisory committee member, they should be of interest to you and worth a conversation or two at your credit union.
- In Letter 21-CU-15, NCUA describes their no-cost, downloadable application developed to be a holistic cybersecurity resource for credit unions. It also provides a no-cost method to conduct cybersecurity self-assessments and assists institutions of all sizes and complexity to determine and measure their information and cybersecurity preparedness against industry standards and best practices.
We all know cybersecurity is and will continue to be a threat to your credit union in 2022. Having access to a tool to assist with compliance and preparation is a holiday gift, so take advantage of it by visiting the agency’s ACET and Other Assessment Tools webpage. The webpage includes a video that provides an overview of the entire process, from the start of an assessment to reviewing reports.
- While not an official letter to credit unions, NCUA reminded federally insured credit unions in mid-December to consider completing the Voluntary Credit Union Diversity Self-Assessment before January 31*, 2022. The self-assessment is a valuable tool for credit unions that want to commit to the principles of diversity, equity, inclusion, and belonging and identify possible next steps in their DEI journey. *Deadline extended to Jan. 31 on 1/11/2021.
As noted in the communication, “diversity and inclusion can help your credit union grow and better serve your membership” and that is a goal we should all have! The Credit Union Diversity Self-Assessment is an excellent first step on the path from intention to action. Learn more at https://cudiversity.ncua.gov/.
The new year holds much promise and also some continuing challenges for financial services. Don’t hesitate to contact your team at Montana’s Credit Unions if we can assist you in any of your endeavors. We are here to support YOU and appreciate your affiliation!