21-CU-16 – Relationships with Third Parties that Provide Services Related to Digital Assets

The letter from the National Credit Union Administration (NCUA) provides clarity about the existing authority of federally insured credit unions (FICUs) to establish relationships with third-party providers that offer digital asset services to their members, provided certain conditions are met.

“A FICU’s relationship with third parties offering these services and related technologies will be evaluated by the NCUA in the same manner as all other third-party relationships. This includes a FICU exercising sound judgment and conducting the necessary due diligence, risk assessment, and planning when choosing to introduce or bring together an outside vendor with its members. FICUs should establish effective risk measurement, monitoring, and control practices for such third-party arrangements.”

Read the full guidance