Regulatory & Compliance Updates: April 26, 2023

CUOnline Multi-Factor Authentication User Account Registration Required: In order to comply with Executive Order 14028 “Executive Order on Improving the Nation’s Cybersecurity” the National Credit Union Administration implemented Multi-Factor Authentication (MFA) for the CUOnline application on April 1, 2023. 

NCUA Considers Interest Rate Ceiling: The NCUA board was briefed at their April 20 meeting on whether a floating interest rate between 15-18% was legal and the impact of lowering it back down to 15%. 

​NCUA Requests Comment on Climate-Related Financial Risk: The board voted to request comment on climate-related financial risk specifically, current and future climate and natural disaster risks to federally insured credit unions, related entities, their members and the National Credit Union Share Insurance Fund.

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