News & Info for Northwest Credit Unions
From Northwest Credit Union Association

CUNA Offers Security Videos to Help Comply with FFIEC Guidelines for Consumer Education

Through a new partnership between CUNA and Stickley on Security, credit unions have access to discounted identity theft education materials, which Kelly Ferguson said have provided “a great upgrade to our member education program” at Numerica Credit Union.

A new agreement between the Credit Union National Association (CUNA) and Stickley on Security offers credit unions a low-cost solution to help comply with Federal Financial Institutions Examination Council (FFIEC) guidelines regarding consumer education about identity theft and security precautions.

“Compliance includes risk mitigation, so helping your members identify and prevent ID theft should be a component of any credit union’s security program,” said Valerie Y. Moss, director of compliance information, CUNA Regulatory Affairs.

Credit union members are among the more than 11.6 million adult victims of identity fraud, which increased by 13 percent last year according to the 2012 Identity Fraud Industry Report issued by Javelin Strategy & Research.

The Stickley on Security training solution helps consumers stay informed about the latest security risks facing them and what they can do to protect themselves. The solution provides written content and a library of security training videos that can be embedded into any existing web page with just a single line of code. The library of security videos, ranging from five to 10 minutes in length, addresses topics such as ATM scams, credit card skimming, phishing and vishing attacks, secure mobile banking, fake cashier’s checks, multifactor authentication and more.

“With Stickley on Security, both our members and employees have fresh, relevant, and educational information at their fingertips,” said Kelley Ferguson, chief information officer at Numerica Credit Union. “This is a great upgrade to our member education program in an ongoing effort to help our members stay safe. I would recommend this to anyone who has a commitment to helping their members stay safe and informed.” 

CUNA is a supporting coalition member of National Foundation for Credit Counseling’s fifth annual National Protect Your Identity Week, Oct. 20-27, 2012.

“Credit unions interested in protecting member privacy can leverage the videos during Protect Your Identity Week and beyond,” said Susan Tiffany, CUNA’s director of consumer publications. “The content of the video library is dynamic, so it addresses consumer security threats as they evolve.”

Stickley on Security provides identity theft education through entertaining videos and written content. Designed to be incorporated into any organization’s existing website, the Stickley on Security training solution allows organizations to keep their customers up to date with the latest security threats, reducing future risk and potential losses. For more information, visit www.stickleyonsecurity.com.

Pricing for the Stickley on Security training solution starts at $399.99 a year. Through the CUNA partnership, credit unions can receive an additional three months at no charge. For more information, visit www.cuna.org/sos.

The FFIEC also issued a report on Tuesday, the “FFIEC Statement on the Impact of Drought Conditions on Financial Institutions,” which encourages financial institutions across all sectors to be as flexible and lenient as possible when dealing with members or customers impacted by the severe drought conditions in much of the Midwest and southern parts of the nation.

“As a result of the 2012 drought, crop yields have declined significantly and, in some areas, crops have failed completely,” the report states. “Livestock and dairy producers also have been affected as the reduced grain harvest has led to higher feed prices. Benefits from crop insurance programs will mitigate the negative financial consequences for a number of farmers this year. However, a continuation of drought conditions could adversely affect the agricultural sector’s credit performance going forward.”

“The FFIEC is strongly encouraging financial institutions in areas affected by drought conditions to work constructively with borrowers.”

The statement then offers the following four alternatives to consider “for borrowers who can demonstrate they are hurt by the drought”:

  • expediting lending decisions when possible, consistent with safe-and-sound credit practices;
  • extending or restructuring borrower debt obligations, consistent with prudent loan workout standards;
  •  easing credit terms or fees for loans, consistent with prudent loan workout standards; and
  • considering loan programs offered by the U.S. Department of Agriculture's Farm Service Agency or the U.S. Small Business Administration.

The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the NCUA, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions.

In 2006, the State Liaison Committee (SLC) was added to the council as a voting member. The SLC includes representatives from the Conference of State Bank Supervisors (CSBS), the American Council of State Savings Supervisors (ACSSS), and the National Association of State Credit Union Supervisors (NASCUS).

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

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