NCUA updating exams for cybersecurity and MDI preservation

by David Baumann, CUCollaborate

The National Credit Union Administration (NCUA) is updating its examinations to address two high priorities—fostering Minority Depository Institutions (MDIs) and countering cybersecurity threats—officials told the NCUA board Thursday at its monthly open meeting.

The agency is adjusting metrics in its examinations to ensure MDIs are compared with other MDIs rather than non-minority institutions, explained Miguel Polanco, the NCUA’s director of the Office of Minority and Women Inclusion, in his briefing to the board.

And on cybersecurity, Ernest B. Chambers Jr., director of the Critical Infrastructure Division, said the agency is continuing to fine-tune its Information Security Examination to take into account current cybersecurity threats.

Supporting Minority Depository Institutions

Polanco said his office is developing ways to take into account the unique nature of MDIs and revealed the NCUA is currently conducting two studies: one to examine MDI supervision and examination, and a second to explore MDI preservation.

 

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