PRESS RELEASE

July 7, 2015

CONTACT: Patrick Keefe, NASCUS Communications/703-528-5974, pkeefe@nascus.org

NASCUS PRESIDENT AND CEO LUCY ITO
ON GAO RECOMMENDATION
FOR NCUA EXAM AUTHORITY OVER 3RD PARTY TECH SERVICE PROVIDERS

NCUA should rely on exams already administered by state agencies

Since year 2000, and the concern about the Y2K date changes, NASCUS has been on record in support of NCUA’s desire to obtain examination authority over technology service providers. However, NASCUS supports this authority over technology service providers to the extent that the agency will rely on exams of these entities that are already administered by state credit union supervisory agencies to the maximum extent feasible. This would reduce system redundancy, minimize regulatory burden, and foster interagency cooperation and coordination while also strengthening cybersecurity across the industry.

 

Information Contact:
Patrick Keefe, Director of Communications, pkeefe@nascus.org or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.