Credit Union Journal: McWatters to credit unions: Not NCUA’s job to ‘hold your hand’

This week the Credit Union Journal reported on National Credit Union Administration (NCUA) Chairman Mark McWatters’ remarks as he fired back at claims from a former board member that the agency’s requests for third-party cybersecurity vendor oversight are merely duplicating work already being done by other regulators. McWatters’ remarks came during a Q&A session following remarks directed at community development credit union professionals attending the Inclusiv conference in Clearwater, Fla.

“We’re not duplicating other regulators,” McWatters said, noting that while many large credit unions can handle cybersecurity concerns in-house, smaller institutions don’t have that luxury – and current regulations prohibit NCUA from assisting those CUs.

“It’s not good when our hands are tied,” he added.

To read the full Credit Union Journal article, click here.

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in Compliance & Regulatory News