The NCUA has been asking for third-party vendor authority for decades, and for decades Congress has snubbed the federal regulator's request, despite the backing of the U.S. Government Accountability Office.

However, the NCUA now has an ally outside of the GAO. Sen. Elizabeth Warren (D-Mass.) submitted an amendment, S. Amdt. 2607, yesterday to the Cybersecurity Information Sharing Act of 2015 (S. 754), which would give the NCUA authority to regulate and examine third-party vendors who provide service to credit unions.

While the NCUA has said vendor authority is a necessity, trade organizations have argued to the contrary.

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Regulatory & Compliance