FFIEC Technology Vendor Guidance Doesn’t Apply to Credit Unions
A Federal Financial Institutions Examination Council release outlining how examiners will approach the supervision of technology providers doesn’t apply to credit unions, the NCUA said this week.
The release, which came Wednesday from the NCUA, announced a revised version of the Supervision of Technology Service Providers booklet, which is part of the FFIEC Information Technology Examination Handbook.
The NCUA also announced an interagency agreement between the Federal Reserve, FDIC and Office of the Comptroller of the Currency regarding new guidelines for those who supervise technology service providers.
NCUA Public Affairs Specialist John Fairbanks explained that although the NCUA is a member of the FFIEC, and seeks to cooperate with those agencies that signed the new guidelines, the NCUA is not a party to the agreement, nor are the guidelines applicable to credit unions.
Rather, he stressed, the documents apply to the supervision of technology service providers, not financial institutions.
However, the NCUA will follow the guidelines when participating in an FFIEC-initiated technology vendor review, Fairbanks said.
The IT Handbook is available online.