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Report File
Date Issued
Submitting OIG
National Credit Union Administration OIG
Other Participating OIGs
National Credit Union Administration OIG
Agencies Reviewed/Investigated
National Credit Union Administration
Report Number
OIG-20-07
Report Description

The National Credit Union Administration (NCUA) Office of Inspector General (OIG) conducted this self-initiated audit to assess the NCUA’s examination and oversight authority of credit union service organizations (CUSOs) and third party vendors. The objectives of our audit were to determine whether: 1) the NCUA complied with applicable laws, regulations, policies, and procedures for CUSO and other (non-CUSO) third-party vendor reviews; and 2) the NCUA’s vendor review process effectively helps to assess the adequacy of credit union management’s due diligence reviews, and identify and reduce the risks vendor relationships pose to credit unions. The scope of our audit covered the period of January 1, 2013, through December 31, 2019.

Report Type
Audit
Agency Wide
Yes
Number of Recommendations
1
Questioned Costs
$0
Funds for Better Use
$0

Open Recommendations

This report has 1 open recommendations.
Recommendation Number Significant Recommendation Recommended Questioned Costs Recommended Funds for Better Use Additional Details
OIG-20-07 Yes $0 $0

1. We recommend NCUA management continue its efforts to work with appropriate Congressional committees regarding amending the Federal Credit Union Act to grant the NCUA the authority to subject credit union service organizations and credit union vendors to examination and enforcement authority to the same extent as if they were an insured credit union.

National Credit Union Administration OIG

United States