Final Rule: Part 748, Filing Requirements for Suspicious Activity Reports

GuidanceNational Credit Union Administration (NCUA)Information Security
Risk Management

This Regulatory Alert is to inform you about revisions to Part 748 of the NCUA Rules and Regulations. The revised rule describes in greater detail Suspicious Activity Report (SAR) reporting and filing requirements. The rule became effective November 27, 2006.

There are six changes to Part 748 which are summarized below.

1. Notification to board of directors
Credit union management must promptly notify its board of directors (board), or a committee designated by the board of directors (committee), to receive notice of any SAR filed. Notification must be at least monthly. Notification at the monthly board meeting is adequate, unless the seriousness of an activity merits immediate reporting.

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