NAFCU statement in response to GAO recommendation on NCUA vendor authority

WASHINGTON, DC (July 6, 2015) — National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alicia Nealon issued the following statement in response to the Government Accountability Office’s report on cybersecurity last week that recommended Congress grant NCUA authority to examine third-party technology service providers for credit unions.”As we have consistently maintained, NAFCU believes the agency’s bid for third-party vendor examination authority is unnecessary given that NCUA is already authorized to thoroughly regulate credit unions and their third-party relationships,” said Nealon. “While NAFCU acknowledges the importance of cybersecurity and risk management, we firmly believe that cybersecurity and third-party vendor examination authority do not go hand in hand.”

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance.

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