BURNSVILLE, Minn. -- US Federal Credit Union President/CEO Bill Raker has been recently named vice chair of the new Due Diligence Task Force assembled by CUNA.
Reporting to the CUNA Board of Directors, the purpose of the task force is to assist credit unions in meeting their due diligence responsibilities with third-party vendors without unnecessary duplication of effort. The group will also provide practical resources and model procedures for assessing, controlling and monitoring the risks associated with third-party vendor agreements and performance.
With US Federal Credit Union currently engaged in developing its own vendor management process, Raker says he is looking forward to bringing to the task force his credit union's experience in creating policies and procedures regarding third party due diligence.
"Many credit unions, especially smaller ones, don't have much experience [with managing third party vendors] and will struggle to meet the requirements of the NCUA," Raker said. "I believe the task force will create a model that credit unions can use to develop and implement their own policies."
Raker is no stranger to credit union involvement on the state and national levels. He currently serves on the Minnesota Credit Union Network Board of Directors and the MnCUN Political Involvement Committee. He also has been a member of CUNA's Federal Credit Union sub-committee for six years, serving as the chair for the past three years.