NASCUS is the only organization exclusively dedicated to defending and advancing a strong state credit union system. Established in 1965, state credit union regulators formed NASCUS to promote the safety and soundness of state-chartered credit unions.
NASCUS Submits Letter to NCUA Asking for Extension on Proposed Risk-Based Capital Rule Comment Period
NASCUS submitted a letter to the NCUA on April 11 asking for an extension on the May 28 deadline for comments on the proposed risk-based capital rule. NASCUS is diligently working on its comment letter, bringing together state regulators and state credit unions to fully analyze the proposal and identify the numerous changes needed to arrive at a workable final product.
NCCIC Releases Information Regarding Recent OpenSSL Vulnerability "Heartbleed"
April 10, 2014 – The National Cybersecurity and Communications Integration Center (NCCIC) released information to the public today regarding "Heartbleed," which was accidentally added to a vital piece of software called OpenSSL. OpenSSL is the software that makes it safe to do such things as move financial information online. The information released by the NCCIC reads, in part, "At this time there have not been any reported attacks or malicious incidents involving this particular vulnerability, but because it is a highly visible media topic, it is possible that cyber-criminals could exploit it in the future." To read more about the recently-discovered OpenSSL vulnerability, and to find out what you can do to reduce your risk of becoming the target of a cyber-attack, click here.
NASCUS Announces Positive Resolution on Crucial UBIT Issues
April 9, 2014 – Today, the UBIT Steering Committee, of which NASCUS is a member, announced that the Internal Revenue Service has issued a memorandum that clears nearly all credit union products at stake in the litigation from being subject to unrelated business income tax (UBIT). The IRS action opens the door for credit unions to receive refunds of past payments.