NCUA Statement on Committee Passage of Vendor Authority and Underserved Areas Bills

National Credit Union Administration Chairman Todd M. Harper issued the following statement after the approval of H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022, and H.R. 7003, the Expanding Financial Access for Underserved Communities Act, by the U.S. House Committee on Financial Services recently.

“The Committee’s passage of H.R. 7022 is an important step forward in closing a regulatory blind spot. 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.

“H.R. 7003 is also an important piece of legislation that would allow all federal credit unions to add underserved areas to their fields of membership. These changes are essential to increasing access to safe, fair, and affordable financial services in rural communities, communities of color, and other underserved places. They would also advance financial inclusion within our nation’s financial system.”