NCUA doesn’t need power over vendors: NAFCU, CUNA
Congress may be receptive to the agency’s argument, particularly in the context of cybersecurity.
Major credit union trade groups still aren’t buying NCUA Chairman J. Mark McWatters’s plea that Congress give the agency enforcement authority over third-party vendors that credit unions use.
“NCUA has effectively managed this risk within their current regulatory authority,” CUNA President/CEO Jim Nussle said in a letter to the Senate Banking Committee. “Credit Unions are required to perform due diligence on their third-party vendor relationships, and this due diligence is already subject to supervision by the NCUA.”
But a source in the credit union community said Congress may be receptive to the agency’s argument, particularly in the context of cybersecurity.
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