NCUA asks congress for third-party vendor supervision powers

by David Baumann, CUCollaborate
NCUA

The lack of third-party vendor supervisory powers poses numerous systemic risks, Kelly Lay, director of the National Credit Union Administration (NCUA)’s Office of Examination and Insurance, told a House task force Friday.

“The NCUA requires third-party vendor authority to safeguard not just the Share Insurance Fund, but the credit union system overall, which is a major pillar of our national economic system,” she told the House Financial Services Committee’s Artificial Intelligence Task Force.

Lay called on Congress to grant the NCUA that power. The House Financial Services Committee is scheduled on Tuesday to consider the Strengthening Cybersecurity for the Financial Sector Act of 2022 (H.R. 7022), a bill that would do just that.

 

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