NCUA

National Credit Union Administration

FDIC Credit Unions
Since 1970

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National Credit Union Administration functions just as the FDIC does for commercial banks, but brings those benefits to credit unions. Since 1970, the NCUA has insured all funds handled by federally insured credit unions. Just like the FDIC, the NCUA insured up to $250,000 of the deposited money.

State-regulated credit unions are not covered under the NCUA.

NCUA Rules and regulations control member information and unauthorized access through Part 748, appendices A and B respectively. Information Security is critical for credit unions, as information and money are both at risk. Compliance with information security leads to compliance with financial security. To achieve optimum information security, the NCUA works with compliance in various categories.

To Achieve Optimum Information Security

The NCUA Works with
Compliance in Various Categories

Cyber Security

These regulations cover the privacy and the protection of personally identifying information, identification of cyber threats, best practices, and any federal regulations and guidelines.

Consumer Compliance

These regulations cover lending and deposits, and how consumer protection is addressed. Lending has been dramatically influenced over the years by regulations such as this, protecting consumer information rights and access to loan details prior to signing.

Bank Secrecy Act

Also known as the Currency and Foreign Transactions Reporting Act, these regulations detail recording keeping and reporting, as completed by individuals, banks, and other financial institutions.

Bank Secrecy Act

Also known as the Currency and Foreign Transactions Reporting Act, these regulations detail recording keeping and reporting, as completed by individuals, banks, and other financial institutions.
NCUA

Fraud Prevention

Compliance with fraud protection under the NCUA covers both internal and external risks. This is accomplished internally by establishing a fraud policy, assigning duties, and vetting employees through background checks to identify potential causes for attempting fraud. To monitor for internal fraud, reports, transactions, and employee movements are monitored. When red flags are raised, a full investigation will be initiated. The maintenance of the documents collected during this monitoring is just as important as customer data. Consumer and cyber fraud at the primary external risks that need to be monitored. Just like so many cybersecurity threats, cyber fraud is ever-changing and evolving, meaning we must do everything we can to stay on top of it and assure compliance throughout these technological evolutions.