ARLINGTON, Va.—NAFCU's Cybersecurity and Payments Committee held its first meeting of 2018 and discussed the NCUA's Automated Cybersecurity Examination Tool (ACET), the future of fintech regulation and the potential impact of the European Union's general data protection regulation.
The NCUA will begin using its ACET in examinations of credit unions with more than $1 billion in assets this year.
NAFCU's cybersecurity committee also discussed the potential impact the European Union's data protection regulation could have on credit unions with members in European countries.
The committee also talked about current challenges associated with fintech regulation and received an update on the Federal Reserve's payments task forces. Fintech businesses and how they should be regulated will also be covered in the next Treasury report due to come out in the next couple of months, NAFCU noted.
This committee will meet again June 5.