NCUA Chairman Debbie Matz noted in the Feb. 20, 2015 CU Times article, "NCUA Ramps Up Vendor Oversight," that NCUA third-party vendor examination authority was necessary now more than ever due to cyberthreats.
While cybersecurity is an extremely important issue, NAFCU does not believe that cybersecurity and third-party vendor authority go hand in hand. As we have consistently maintained, NAFCU believes the agency's bid for third-party vendor examination authority is unnecessary given that the NCUA is already authorized to thoroughly regulate credit unions and their third-party relationships.
Further, NAFCU questions the NCUA's choice to prioritize this request on its legislative agenda, and we firmly disagree with the NCUA's assertion that such authority would provide any regulatory relief for credit unions.
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