NCUA statement on committee passage of vendor authority and underserved areas bills
ALEXANDRIA, VA (May 19, 2022) — National Credit Union Administration Chairman Todd M. Harper issued the following statement after the approval of H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022, and H.R. 7003, the Expanding Financial Access for Underserved Communities Act, by the U.S. House Committee on Financial Services today.
“The Committee’s passage of H.R. 7022 is an important step forward in closing a regulatory blind spot. The NCUA’s Inspector General, the Financial Stability Oversight Council, and the U.S. Government Accountability Office have all called for the NCUA to have the same authority over third parties as federal banking agencies. This authority is critical for mitigating the very real national security, cybersecurity, anti-money laundering, consumer protection, safety-and-soundness, and other risks to the credit union system and the broader financial services sector.
“H.R. 7003 is also an important piece of legislation that would allow all federal credit unions to add underserved areas to their fields of membership. These changes are essential to increasing access to safe, fair, and affordable financial services in rural communities, communities of color, and other underserved places. They would also advance financial inclusion within our nation’s financial system.
“I thank Chairwoman Waters, Congressman Foster, and the Committee for their work in advancing both of these bills.”
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
