Improving Cybersecurity of Credit Unions Act

The Improving Cybersecurity of Credit Unions Act would grant the National Credit Union Administration (NCUA) the authority to supervise and examine the third-party vendors that provide technology and financial services to credit unions. Currently, the NCUA can only examine the credit unions themselves, whereas other federal banking regulators already have the power to oversee the service providers used by traditional banks. By closing this regulatory gap, the bill aims to better protect the personal and financial data of credit union members from cyberattacks and system failures occurring at the vendor level.