PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

NCUA Releases FDIC Supervisory Letter Critical of FIS

By Mercator Advisory Group
April 10, 2012
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
FRAUD - 3D stock image of Red text on white background

FRAUD - Red text on typography background - 3D rendered royalty free stock image. This image can be used for an online website banner ad or a print postcard.

The Credit Union Times indicates that the NCUA has released a FDIC Supervisory Letter that is critical of FIS:

The NCUA has asked credit unions which process their debit and credit card transactions with FIS to evaluate their relationship with the card processor in light of an information technology supervisory letter the company has received from the FDIC.

FIS processes credit and debit card transactions for the majority of card-issuing credit unions and has roughly 5,400 client credit unions.

The NCUA letter included a copy of the FDIC supervisory letter. An inter-agency team from the bank insurer, the Federal Reserve Bank of Atlanta and the Office of the Comptroller of the Currency conducted an interim supervisory review of FIS, which has both bank and credit union clients, on Oct. 17.

Here is the complete article that includes this response from FIS:

On Dec. 16, 2011, the Federal Financial Institution Examination Council Agencies issued FIS an Interim Review report noting eight matters requiring attention involving enhancing FIS’ information security functions, the company wrote in its statement.

FIS immediately discussed the MRAs with the FFIEC, developed mutually agreed upon detailed action plans with target completion dates to address the MRAs, and is firmly committed to resolving these issues. On Feb. 28, 2012, the FDIC issued FIS a letter noting these same MRAs as well as FIS’ detailed commitments to resolve all the MRAs.

‘ FIS’ Executive Management team and Board of Directors have been actively engaged in the company’s information security functions before, during and after the Sunrise event and fully support the company’s actions in this area,’ the Jacksonville, Fla.-based card processor added.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result