Newsroom

April 16, 2012

Trade report notes scrutiny of FIS

April 16, 2012 – A trade report last week said NCUA has suggested that credit unions refer to a federal supervisory letter forwarded to them about FIS' North American Card Services in managing vendor relationships with the company.

The firm, which serves credit unions and banks, is one of the processors examined by federal regulators last October in an interim review of the firms' information technology procedures and practices, the report said. The April 12 report, by Credit Union Times, said NACS handles card transactions and card management for the firm's credit union and bank clients.

The report says NCUA forwarded the supervisory letter, earlier identified as being from the FDIC, in mid-March. It says regulators did acknowledge the company agreed to correct problems but "strongly criticized" the firm's performance as of this Feb. 28.

CU Times ran a story April 10 on NCUA's communication with credit unions on FIS.