Financial institutions have been under significant scrutiny lately, with seemingly endless regulations and guidance with which they need to comply. We appreciate that it's hard to know where to begin.
Our recommendation is to start with improvements that not only meet minimum agency requirements, but also yield compelling business and member benefits.
The FFIEC's Supplement to Authentication in an Internet Banking Environment released in June is that rare breed of guidance whose benefits make complying far more compelling than simply because the agencies say so. We believe credit unions and their members will be far better off as a result of the agencies' actions.
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