On Deadline: NCUA Wants To Extend Vendor Oversight
NCUA is working to extend its powers to examine third-party credit union vendors as a way to help monitor for credit card breaches. NCUA Vice Chairman Rodney Hood said the ability to audit outside vendors would be an important asset in tracking the kind of credit card breaches that have infected the industry lately. "NCUA should be allowed to examine outside vendors for credit unions to help assure that they are not involved in compromising member data," said Hood during CUNA's annual Payment Systems Conference. NCUA has been lobbying unsuccessfully to get a provision expanding its power over third-party vendors into the regulatory relief bill, but will continue to push for the authority-something all other banking regulators already have, Hood told The Credit Union Journal.