NCUA Seeks More Power In CardsBreaches
WASHINGTON - (04/20/06) NCUA is working to extend itspowers to examine third-party credit union vendors as a way to helpmonitor for credit card breaches. NCUA Vice Chairman Rodney Hoodsaid Wednesday the ability to audit outside vendors would be animportant asset in tracking the kind of credit card breaches thathave infected the industry lately. NCUA should be allowed toexamine outside vendors for credit unions to help assure that theyare not involved in compromising member data, said Hoodduring CUNAs annual Payment Systems Conference. NCUA hasbeen lobbying unsuccessfully to get a provision expanding its powerover third-party vendors into the regulatory relief bill, but willcontinue to push for the authoritysomething all the otherbanking regulators already have, Hood later told The Credit UnionJournal. The NCUA Board member also called for uniform nationalstandards on data security so credit unions acrossstate lines have comparable standards, he stated. And creditunions should be able to participate in the drafting of thosestandards, he added.