NCUA Board Sets Cyber Test Goals

The NCUA board Thursday set a goal for the agency to finish cybersecurity reviews by the end of the year at all federally insured credit unions with assets greater than $1 billion.

The board adopted its annual performance report, which sets agency goals and benchmarks for the coming year.

The report also sets a goal of conducting cybersecurity evaluations by the end of the year at 38% of all credit unions with assets between $250 million and $1 billion. By the end of 2023, the agency said it wants to have completed cybersecurity reviews using the Automated Cybersecurity Examination Toolbox at all federally insured credit unions with assets greater than $250 million.

Agency officials also said they will conduct at least one agency-wide continuity of operations exercise or training event this year.

The report also said the agency has a goal of trying to resolve at least 85% of the credit union failures at the least cost to the Share Insurance Fund by identifying a merger partner. In 2018, the agency identified a merger partner in 91% of the cases.

Agency officials also said they have set a goal of deciding on field-of-membership applications within 60 days. The report said the agency met that goal in 2018, with decisions being made in an average of 51 days.

The board also was briefed on required inflation adjustment to the schedule of civil penalties and approved a request from Illinois state officials to revise their member business loan rules to reach parity with federal rules.