CUNA wrote Sen. Jon Ossoff, D-Ga., asking him to reconsider his Improving Cybersecurity of Credit Union Act, a bill that would give NCUA authority over third-party vendors.
“We are concerned that extending supervisory authority over these firms to NCUA could require the agency to increase its budget to hire personnel with appropriate expertise,” the letter reads. “This is a concern to credit unions because credit union member resources fund the agency, and credit unions question why they should be required to send more of their members’ savings to NCUA when the agency has demonstrated it is doing a good job absent this authority.
“If Congress conveys this authority to NCUA, the agency should commit to funding this new authority by reducing expenditures elsewhere,” it adds.
CUNA notes that—while NCUA has requested this authority for years—it hasn’t development a clear vision for the scope of the authority or how it would be implemented.
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