WASHINGTON – Credit unions should see Remote Deposit Capture services as new delivery systems and thus be extraordinarily careful when assessing the legal, compliance, reputation and operational risks.
That's the advice of NCUA in a memo to credit union board members sent today.
These systems allow financial institutions to receive digital information from deposit documents captured at remote locations.
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"Comprehensive contracts and customer agreements should identify clearly the roles, responsibilities, and liabilities of all parties in the RDC process to minimize exposure to legal and compliance risks," according to the NCUA document.
The agency also suggests that, when available, insurance coverage should be considered as a risk transfer mechanism.
To see the full document go to: http://www.ncua.gov/news/express/xfiles/09-CU-01_Enclosure.pdf.
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