NCUA Executive Director Mark Treichel said the loss of a flash drive containing the personal information of members at a California credit union was the result of an examiner's failure to follow existing agency policies.
According to Treichel, the NCUA has directed a review team responsible for the NCUA's Guidelines for Safeguarding Member Information (Part 748 of regulations) to study if the agency should require federally insured credit unions to encrypt electronic member information.
A thumb drive given to an examiner was lost during an examination at the $13 million Palm Springs Federal Credit Union.
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