WASHINGTON—In a letter to the Senate Banking, Housing, and Urban Affairs Committee NAFCU has expressed its opposition to S.4698, the Improving Cybersecurity of Credit Unions Act, which would grant the NCUA additional authority to examine CUSOs and other third-party vendors.
Senior Vice President of Government Affairs Greg Mesack noted that while NAFCU supports a strong NCUA, the trade group believes the agency should “stay focused on where their expertise lies – regulating credit unions.”
The letter further states credit unions fund the NCUA budget, and implementing such a new authority would incur additional expenditures by the agency - which would be borne by credit unions and their 131 million members.
Mesack repeated NAFCU’s long-held position that the agency already has tools it needs to oversee about CUSOs and third-party vendors, and further also suggested NCUA work with the Federal Financial Institutions Examination Council to gain information on vendors already vetted by federal regulators.
“If that option is not available for NCUA due to the decisions of other regulators, Congress should consider compelling the other regulators to share the information,” added Mesack.
CUNA shared similar concerns with Congress late last week.
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