America’s Credit Unions President/CEO Jim Nussle Thursday wrote to the House Financial Services Committee, outlining concerns with the Strengthening Cybersecurity for the Financial Sector Act, which would grant the NCUA with additional authority to examine third-party vendors.
“We believe in a strong NCUA, but we also believe that the NCUA should stay focused on where its expertise lies – regulating credit unions,” wrote Nussle.
He explained that other tools already exist that offer the NCUA access to information about third-party vendors and that use of these existing reports would address the agency’s concerns without creating additional costs to credit unions or increasing regulatory burdens on credit unions and small businesses.
Congress should encourage the NCUA to use its position on the Federal Financial Institutions Examination Council (FFIEC) to access information on companies already examined by other regulators, Nussle noted. If that option is not available due to the decisions of the other FFIEC regulators, Congress should consider “compelling the other regulators to share the information with the NCUA,” he added.
Read the full letter. America’s Credit Unions will continue to engage with lawmakers to advocate for regulatory relief for credit unions.