Tuesday, July 7, 2020

AMAC Adequately Safeguards Personal Identifiable Information at Liquidated CUs

The National Credit Union Administration (NCUA) Office of Inspector General (OIG) conducted a self-initiated audit to assess the NCUA’s Asset Management and Assistance Center’s (AMAC) ability to protect personally identifiable information (PII) found within the records of liquidated credit unions.

NCUA’s liquidation process consists of three phases: liquidation planning, on-site liquidation tasks, and off-site liquidation tasks.

The OIG found that AMAC’s control activities over its liquidation process adequately safeguarded PII during: (1) the pre-liquidation planning process, (2) records maintenance, and (3) destruction of records of liquidated credit unions.

As a result, the OIG did not make any recommendations.

Read the report.

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