ALEXANDRIA, Va.—Even though NCUA’s long requested authority to oversee third-party vendors has not been included in the National Defense Authorization Act (NDAA) passed by both the House and Senate, the agency’s chairman is praising the Treasury Secretary for continuing to support the authority.
During a meeting of the Financial Stability Oversight Council—of which NCUA is a member—NCUA Chairman Todd Harper offered remarks during which he thanked Treasury Secretary Janet Yellen for her support of the vendor oversight authority. The recommendation was made in Treasury’s annual report to Congress.
Harper called the issue important to the agency as it does not “currently have supervisory or enforcement authority over credit union vendors and service providers — authority that all other federal banking regulators have to oversee and examine the vendors that depository institutions use for critical services like information technology, loan underwriting, payments, and mortgage originations.
Seeking ‘Same Level of Authority’
“This issue has been recognized during this Congress as the House Financial Services Committee approved a bill to provide the NCUA with third-party vendor authority and that measure was later added to the House-approved 2023 National Defense Authorization Act.,” Harper continued. “In the Senate, Senators Ossoff, Lummis, and Warner have introduced S. 4698, the Improving Cybersecurity of Credit Unions Act, to restore the NCUA’s third-party vendor examination authority.
“Ultimately, we’d like to see the NCUA’s authority over credit union service providers and vendors give credit union members the same level of protection that bank customers currently have,” said Harper.
Just in Time for the Holidays, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.