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The NCUA has posted the September 2016 issue of The NCUA Report, which features an article outlining how the agency’s new Incident Management System will improve the agency’s ability to assist credit unions as they respond to disasters like hurricanes, floods and wildfires. Also included are articles on—

• The basics of vulnerability management
• Helping deter, detect and report insider fraud
• A new guidebook on expanding digital services

In a presentation at the Marketplace Lending Policy Summit, Comptroller Curry discussed marketplace lending’s risks and associated policy questions. He noted, “Marketplace lending may use new technology or techniques, but it’s still about extending credit to borrowers—something that’s been done for more than 3,000 years. Technology has been part of banking since the beginning. Let’s not forget that the Sumerians' invention of coinage and cuneiform writing were revolutionary technological feats.” Curry indicated the OCC Innovation Framework Development Team will complete a framework this fall which will enable the OCC to assess responsible innovation that encourages and promotes advances in products, services, and processes that serve consumers, communities, and businesses better and more fairly.

The FFIEC has announced the revision of the “Information Security” booklet of its IT Handbook. The revised Information Security booklet provides guidance to examiners and addresses factors necessary to assess the level of security risks to a financial institution’s information systems. It also helps examiners evaluate the adequacy of the information security program’s integration into overall risk management. The OCC also issued Bulletin 2016-27 to announce the revision.

FinCEN advisory FIN-2016-A003, issued yesterday, offers help for financial institutions in guarding against a growing number of email fraud schemes in which criminals misappropriate funds by deceiving financial institutions and their customers into conducting wire transfers. This advisory also provides red flags—developed in consultation with the Federal Bureau of Investigation and the U.S. Secret Service—that financial institutions may use to identify and prevent such email fraud schemes.

The Summer 2016 issue of Money Smart News has been posted by the FDIC, featuring articles on enhancements for small business; an easier way to join the Money Smart Alliance; tips on cybersecurity for bank customers; a discussion of mobile business and modernization of the payment system; and lending practices in financial education for postsecondary students. English and Spanish versions are available.

The Federal Trade Commission requests public comment on its Standards for Safeguarding Customer Information (16 CFR Part 314, the “Safeguards Rule”). The Rule, which took effect in 2003, requires financial institutions to develop, implement and maintain a comprehensive information security program for handling customer information. The Commission seeks comments on a number of questions, including the economic impact and benefits of the Rule; possible conflict between the Rule and state, local or other federal laws or regulations; and the effect on the Rule of any technological, economic or other industry changes. The comment deadline is November 7, 2016.

Update: Published at 81 FR 61632 on 9/7/2016.
Update: The FTC extended the comment period deadline to November 21, 2016, with a notice published on 11/15/2016.

The NCUA has reported it has received consumer calls about a suspicious text message claiming to come from the agency. The message reads: “National Credit Union Administration Alert for (recipient's phone number). Contact 844-234-5445.” This is not a communication from NCUA. The agency does not seek personal information through the Internet or on the telephone. Individuals are requested to contact NCUA's Consumer Assistance Center at 1-800-755-1030 between 8 a.m. and 5 p.m. Eastern if they receive one of these messages. The NCUA also recommends contacting your credit union and local law enforcement.

The FDIC has released the Summer 2016 edition of the FDIC Consumer News. Featured are simple tips on how to choose and manage a checking or savings account wisely. There are also articles on depositing a check using a smartphone or tablet, avoiding credit and debit card frauds, and preparing financially for a flood, fire or other disaster.

The Federal Trade Commission has announced the agenda for its September 7 event on ransomware, which is one of the most challenging cybersecurity problems affecting consumers and businesses. Hackers use ransomware to gain access to consumer and business computers and encrypt files including photos, documents and other critical data, demanding a ransom in exchange for the key needed to decrypt the files. The event will take place at the FTC’s Constitution Center offices, 400 7th St SW, Washington, DC, and will begin at 1 p.m. and continue until 4:30 p.m.

The NCUA has released a new guidebook to help credit unions better meet members’ needs for digital banking services. Going Digital: Strategies for Providing Digital Services provides step-by-step instructions for creating a strategic plan for analyzing members’ needs and tailoring digital products to meet those needs. It also details potential advantages and disadvantages to members and credit unions.