NCUA Issues Notice On Proposed Changes To Financial Records Systems

ALEXANDRIA, Va.—NCUA last week issued a notice of proposed changes to its financial records systems, which will go into effect on Jan. 3.
NCUA said its new records system will help the agency’s expenditures and obligations conform with existing laws, regulations and good business practices.
“The agency will also add new ‘routine uses’ – a term referring to the predetermined circumstances under which the disclosure of records in permitted,” said NAFCU in its analysis. “One of the updated routine uses aims to increase the NCUA’s compliance with an Office of Management and Budget memorandum on agencies’ responsibility to safeguard against and respond to breaches of personally identifiable information.”