Third-Party Vendor Issues and Checklist
For years, credit unions have been alerted by the NCUA to the need for vendor due diligence and other third-party vendor relationship requirements. Now, the Federal Reserve Board has alerted banks, and the Consumer Financial Protection Bureau has joined the bandwagon and is even issuing unfair and deceptive trade practice alerts against third-party vendors.
As you know, there are several common types of third-party relationships. Some of the common third-party relations include: