WASHINGTON–An amendment to a cybersecurity bill in the Senate that would have given NCUA oversight over third-party providers to credit unions will not be considered.
The amendment, which had been strongly opposed by the credit union trade groups, had been offered by Sen. Elizabeth Warren of Massachusetts. According to CUNA, Warren did not pull the amendment; instead, the Senate has opted not to consider it.
As CUToday.info reported here http://www.cutoday.info/Fresh-Today/Senate-Amendment-Would-Give-NCUA-Authority-Over-Third-Party-Vendors-Trades-Object, NAFCU, CUNA and NACUSO all sent letters to Senate leadership protesting the amendment and providing their reasons for why it was unnecessary. While the amendment has been withdrawn, NCUA has said that getting such third-party oversight authority remains its top legislative agenda item in the current Congress.