CUNA Creates Third Party Due Diligence Task Force
WASHINGTON -- CUNA has formed a new task force that aims to provide credit unions with resources and model procedures for assessing, controlling and monitoring the risks associated with third-party vendor agreements and performance.
The task force is made up of 16 credit union and league representatives and reports to CUNA's board of directors. Henry Wirz, president/ CEO of $1.4 billion SAFE CU will chair the group. Through the task force, credit unions will also be able to communicate their due diligence concerns to CUNA so that those concerns may be discussed with regulators.
"With NCUA placing a specific focus on due diligence issues in 2008, we believe that this group, by pooling information, would be an effective and efficient resource for credit unions in responding to the agency's concentration," said Eric Richard, general counsel and executive vice president at CUNA.