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InfoSight Highlight: Security Program for Credit Unions
Friday, January 6, 2017 6:35 AM

As seen in this week's InfoSight Newsletter

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.
  • Assisting in the identification of persons who commit or attempt such crimes.
  • Preserving vital records, as defined in Part 749 of the NCUA Rules and Regulations.

What are the reporting requirements?
Part 748 also includes several reporting requirements for federally insured credit unions. The following is a summary of the requirements.

  • Compliance Report: An annual certification of compliance with Part 748. The certification is contained on the annual Report of Officials and must be sent to the NCUA by all insured credit unions and additionally to the state supervisory authority by state-chartered credit unions.
     
  • Catastrophic Act Report: An insured credit union must notify the local NCUA regional director whenever a natural disaster such as a flood, tornado, earthquake, major fire, or some other disaster results in physical destruction or damage to the credit union. The report must be filed within five days of the catastrophic act.
     
  • Suspicious Activity Report (SAR): Each federally insured credit union must report any crime or suspected crime that occurs at its office(s) within 30 days of discovery. The credit union must use the SAR form, which is available from the NCUA regional office or on the NCUA website. This report will assist the appropriate law enforcement office.
     
  • Currency Transaction Report (CTR): Each financial institution that deposits, withdraws, or exchanges currency in excess of $10,000 on behalf of an individual, whether in one transaction or multiple transactions on the same business day, must file a Currency Transaction Report.

Source:  InfoSight Compliance

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