The use of third-party servicers poses a risk to financial institutions, the Office of Comptroller of the Currency says in its semiannual risk perspectives report; but there's not much the NCUA can do about it.
In its report, which covers banks, the OCC said that many financial institutions are increasingly relying on such vendors to provide vital services.
However, under federal law, the NCUA does not have the power to provide oversight for such companies; it is the only financial regulator lacking that authority.
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