WASHINGTON — As NCUA puts a focus on CU relationships with third-party vendors, CUNA is launching an effort to help CUs cope with the increased attention and scrutiny. The agency previously announced that third-party vendor relationships would be a focus in examinations this year.
The association has announced the formation of a Due Diligence Task Force to guide the effort to collect information from CUs, investigate models CUs can use to conduct due diligence with different vendors, and act as a mediating body between CUs and NCUA.
CUNA General Counsel Eric Richard told reporters on Feb. 4 that since the number of vendors in a given area, such as ATMs, is limited, it may be possible to fairly easily find a model that CUs can use when doing due diligence with that vendor.
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