CUSO Exams, Good Bad & Ugly: Onsite Coverage
LAKE BUENA VISTA, Fla. — Talk to the executives of three different CUSOs and you’ll get three widely different takes on their experiences with examiners.
Sitting on a NACUSO conference panel Tuesday titled “CUSO Exams, The Good, The Bad, and the Ugly,” were Mark Bostock, CEO of Centennial Lending LLC, a mortgage and commercial lending CUSO in Longmont, Colo., Kirk Drake, president/CEO of business continuity and technology CUSO Ongoing Operations in Hagerstown, Md., and Bob Child, chief of staff of CU Direct, a lending services CUSO in Ontario, Calif.
As a former credit union chief technology officer, Drake said he was familiar with the exam experience and knew that there were different complexities between credit unions and CUSOs when it came to vendor management.
Still, overall, he was pleased with the Ongoing Operation’s last exam.