From increasing services to mitigating risks, the benefits of partnering with CUSOs and other vendors run the gamut, experts say.

However, the dangers credit unions face if they fall asleep at the wheel when it comes to monitoring third-party relationships are similar.

"From a compliance standpoint, the credit union is liable to its members and its regulators for the actions or inactions of the vendors with which it does business," said Amanda Smith, a partner with Messick & Lauer PC, a Media, Pa.-based law firm that specializes in assisting credit unions and CUSOs.

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
NOT FOR REPRINT

© 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.

Credit Union Management