WASHINGTON—During the same week the agency’s chairman was again calling for expanded powers, House Financial Services Committee was again told by a credit union trade group that NCUA should not have third-party vendor oversight.
“We believe in a strong NCUA, but we also believe that the NCUA should stay focused on where its expertise lies – regulating credit unions,” wrote ACU President/CEO Jim Nussle in a letter to the committee.
As CUToday.info reported separately, NCUA Chairman Todd Harper in remarks this week to the Volunteer Leadership Institute repeated his call for third party vendor oversight authority, a power held by the FDIC and numerous state regulators.
‘Additional Costs’ for CUs
But in his letter Nussle suggested other tools already exist for NCUA access information related to third-party vendors, and further argued that use of these existing reports would address the agency’s concerns without “creating additional costs to credit unions or increasing regulatory burdens on credit unions and small businesses.”
Instead, Nussle said, Congress should encourage the NCUA to use its position on the Federal Financial Institutions Examination Council (FFIEC) to access information on companies already examined by other regulators, and if that option is not available due to the decisions of the other FFIEC regulators, Congress should consider “compelling the other regulators to share the information with the NCUA.”
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