LAS VEGAS — Speaking this morning at NACUSO's annual conference NCUA Board Member Gigi Hyland reassured attendees that the agency has safety and soundness in mind when it directs examiners to take a closer look at the third-party relationships that credit unions form to bring additional services to members.

"The process begins with how do you start evaluating vendors," Hyland said. "The due diligence process involves asking what direction are you going in and once the vendor is chosen, the contracts are critical."

Hyland acknowledged that credit unions have to partner with other entities to be able to meet their member's needs–"you can't do it alone." However, she cautioned that "some credit unions are so eager to get the service out the door" that some will go along with the contracts that are provided by the vendor.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.