LAS VEGAS — The regulatory landscape for CUSOs has been much more active as of late with third-party relationships coming under review.
In addition to providing a session on CUSO 101, Guy Messick, general counsel for NACUSO, along with Brian Lauer, associate at Messick & Weber P.C., honed in on current regulatory topics. In a discussion relating to NCUA's Evaluating Third-party Relationships Letter 07-CU-13, December 2007, Messick focused on credit union third-party relationships as part of his NCUA regulatory update.
"The NCUA letter seeks to ensure that all parties understand their risks and roles of responsibility," Messick said. "Credit unions need someone who oversees all third-party relationships to insure consistency across all products and service lines in monitoring and managing third-party relationships. Often, credit unions may not realize how dependent they are on third-party relationships."
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