Hundreds of credit unions are scrambling to meet a year-end deadline for implementation of a multi-factor security system for authentication of online users. NCUA Board member Gigi Hyland told those credit unions that are working to meet the deadline but may not be able to do so to carefully document their efforts, so they can show NCUA examiners. "If you can do that, it will go much further to being able to demonstrate compliance with the examiners," Hyland told more than 400 attendees to NAFCU's annual Congressional Caucus last week.
Under a directive passed by all bank, thrift and credit union regulators, federally insured institutions must institute a multi-factor authentication system by Dec. 31 for all high-risk online transactions.
Ed Roberts can be reached at robertscuj
