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NCUA's IG Hagen to Investigate Agency's Procedures as a Result of Breach
Friday, January 2, 2015 6:25 AM

National Credit Union Administration Inspector General James Hagen announced that he intends to take action in response to a data breach caused by a lost thumb drive during an NCUA examination at a California credit union. The breach occurred early in December during an examination of Palm Springs FCU, with $12 million in assets.

Per Hagen's statement, beginning in January he intends to launch the following:

  • An audit to determine whether the NCUA has adequate controls in place to protect electronic personally identifiable information and sensitive credit union data during examinations;
  • A review of the agency's decision not to publicly announce the data breach on the NCUA website and ways the agency could improve its processes if a breach were to occur in the future; and
  • An investigation into the unauthorized disclosure by what the NCUA statement calls "two alleged 'NCUA sources'" of internally held information regarding the breach of the credit union members' information.

While NCUA has confirmed the loss of the thumb drive, officials said the lost information did not include member passwords or PINs, and no unauthorized attempts to access accounts have occurred.