NCUA Chairman Comments on Third-Party Vendor Authority Bill

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National Credit Union Administration (NCUA) Board Chairman Todd Harper shared his sentiments following the approval of H.R. 7022 (the Strengthening Cybersecurity for the Financial Sector Act of 2022) by the House Financial Services Committee this week.

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) are engaged on this issue and will be working to oppose it.

The full committee debate can be viewed here.

“The Committee’s passage of H.R. 7022 is an important step forward in closing a regulatory blind spot," Harper said in a statement. "The NCUA’s Inspector General, the Financial Stability Oversight Council, and the U.S. Government Accountability Office have all called for the NCUA to have the same authority over third parties as federal banking agencies. This authority is critical for mitigating the very real national security, cybersecurity, anti-money laundering, consumer protection, safety-and-soundness, and other risks to the credit union system and the broader financial services sector."

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