The FDIC issued FIL-56-2010 today, addressing risk posed by sensitive information stored on certain electronic devices (copy machines, fax machines and printers) that utilize internal storage, and how institutions should mitigate that risk. This guidance only covers those devices that have internal storage, such as a hard drive or flash memory, but according to some […]
The Credit Union National Association (CUNA) is soliciting comments from it’s members regarding their recent NCUA examination experiences.
“We have heard from credit unions a lot over the last few months that many are finding their examiners and exams to have been a lot more difficult…
Starting next year (or this year for Type II engagements that extend beyond 6/11), the traditional SAS 70 is being phased out in favor of the SSAE 16. The biggest difference is that the “A” no longer stand for “Audit”, but “Attestation”: Management of the service provider asserts that controls relative to security, availability, integrity, confidentiality and privacy are both adequate and effective, and the auditor attests to the assertion.
The head of the World Health Organization (WHO) today declared the H1N1 influenza pandemic over, saying worldwide flu activity has returned to typical seasonal patterns and many people have immunity to the virus. WHO Director-General Margaret Chan said “The H1N1 virus has largely run its course.” This likely means that you are unlikely to encounter […]
Further to the previous post, the memorandum requires the FDIC opinion to prevail in the event that an institutions’ PFR (primary federal regulator) CAMELS rating differs from the FDIC: If the FDIC’s CAMELS ratings for an institution differ from a PFR’s assigned ratings, the FDIC is required to provide the PFR with an explanation of […]
According to a memorandum of understanding just signed by all the primary federal regulators (FDIC, OTS, OCC and Fed), the FDIC now has the authority to step in whenever they feel the DIF (deposit insurance fund) is in jeopardy. Although this is primarily targeted at larger (>$10b) institutions, it also applies to smaller (<$10b) institutions as well, and applies to ANY threat to the DIF, not just under-capitalization (i.e. any safety and soundness concerns)…
Recent updates to the FFIEC handbooks: Retail Payment Systems, March 2010
The FTC has decided to further delay the enforcement of the “Red Flags” rule (although this does NOT affect the original 11/1/2008 deadline for compliance). This is the second delay since the rule became effective 1/1/2008. Institutions should have a policy and procedures in place NOW, as examiners will undoubtedly be checking policy revision and […]