The NCUA has asked credit unions which process their debit and credit card transactions with FIS to evaluate their relationship with the card processor in light of an information technology supervisory letter the company has received from the FDIC.
FIS processes credit and debit card transactions for the majority of card-issuing credit unions and has roughly 5,400 client credit unions
Updates:
FIS Card Unit Used By Many CUs Focus of Federal Audit, Letter Reveals
CO-OP Offers Vote of Confidence to FIS
Consultant Says Impact on FIS Uncertain
CO-OP Says It Will Hold FIS Accountable
FIS Appoints New Risk Executive
NCUA Says FIS Letter Was Routine
The NCUA letter included a copy of the FDIC supervisory letter. An inter-agency team from the bank insurer, the Federal Reserve Bank of Atlanta and the Office of the Comptroller of the Currency conducted an interim supervisory review of FIS, which has both bank and credit union clients, on Oct. 17.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
