Leaders of CUSOs told CU Times that the NCUA's effort to gain authority over third-party vendors would lead to increased costs and more bureaucracy.
"In classic overreach standard operating procedure, the NCUA continues to prove that their eyes for grabbing more regulatory initiatives are bigger than their ability to manage or provide value to our system," Randy Karnes, president/CEO of CU*Answers in Grand Rapids, Mich., said.
"With an exploding budget, no identified goals for innovation, and truly no real insight to bring to the vendor marketplace, I wonder if, should this power be assigned to the agency, would it not just lead to a worsening environment for credit union operations – a diluted oversight resource stretched too thin?" he asked.
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