WASHINGTON — As NCUA puts a focus on CU relationships with third-party vendors, CUNA is launching an effort to help CUs cope with the increased attention and scrutiny. The agency previously announced that third-party vendor relationships would be a focus in examinations this year.
The association has announced the formation of a Due Diligence Task Force to guide the effort to collect information from CUs, investigate models CUs can use to conduct due diligence with different vendors, and act as a mediating body between CUs and NCUA.
CUNA General Counsel Eric Richard told reporters on Feb. 4 that since the number of vendors in a given area, such as ATMs, is limited, it may be possible to fairly easily find a model that CUs can use when doing due diligence with that vendor.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
