As your bank prepares to renew cyber liability insurance, please be aware of the minimum requirements to secure renewal terms:

• Multi-factor authentication for cloud-based services and all remote access to your network
• Virtual private network for remote access into your network
• Cyber security training provided at least annually to all individuals with access to your network or confidential/personal data
• Critical patches and updates implemented within 2 months
• Incoming emails scanned for malicious attachments or links
• All network devices protected with anti-virus, anti-malware or endpoint protection software
• Critical data is backed up regularly

 
For a comprehensive review of your bank’s insurance coverage, contact Mitch Florea at NBISCO at 402-904-7014 (direct) or mitch.florea@nebankers.org.

The Three C’s for Managing Unconscious Bias virtual workshop that was originally scheduled for Dec. 15 has been moved to Jan. 13, 2022, from 10:00 a.m. – 12:00 p.m. CST. Registration is due by Jan. 6.
 
Dima Ghawi will lead this workshop on curiosity, courageousness and commitment while delving into the intricacies of unconscious bias, uncovering the root of these predispositions and sharing actionable methods for managing these unseen prejudices.

Credit unions are required by law to be in "reasonable proximity" to their customers. A proposal before the National Credit Union Administration (NCUA) would effectively make it possible for credit unions to expand their field of membership on a national basis by loosening the definition of service facility. It would move credit unions even farther from their original mission of serving consumers of modest means united by a common bond.
 
Tell Congress to hold a hearing on the impact of this proposal.
Take Action Now

The American Bankers Association (ABA) is surveying banks on the costs of implementing the Consumer Financial Protection Bureau's (CFPB) proposed section 1071 rule (small business data collection). This survey collects information on the one-time costs of preparing to collect and report the 1071 data, as well as the ongoing costs of collecting and reporting the data once the 1071 rule is in effect.
 
We encourage your bank to participate in this important survey. Answering the questions in the survey will help us formulate a comment letter to the CFPB explaining the impact of the 1071 rule, including, but not limited to, the impact on small banks and on small businesses themselves. The CFPB's estimates of one-time costs were based on a survey of only 100 respondents which was issued before the proposed rule was released, so respondents did not know how broad the rule's scope would be or how many data points would be required. The CFPB based their estimate of ongoing costs on the costs of reporting Home Mortgage Disclosure Act (HMDA) data; we believe there are important differences between mortgage lending and small business lending that require a different assessment of ongoing costs of implementing the 1071 rules.
 
Please designate a survey coordinator for your institution, if at all possible, so that only one, coordinated response from your institution is received. If you are not able to respond to a question, or if it does not apply to your bank, please skip it, and continue with the rest of the survey. Be assured that all financial institution data will be kept confidential.
 
The survey questions are available here for your reference, however, please note that to respond to the survey you must use this link. Please complete the survey by Monday, Nov. 22.
Complete the Survey