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As credit unions continue to look for ways to cut costs, some are taking a harder look at their vendor relationships to negotiate better pricing deals and, if necessary, opt not to renew contracts that may no longer be financially suitable.

To that end, the $1.1 billion Community First Credit Union of Florida is involved in an effort with the Florida Credit Union League’s FCUL Service Group to test out a model that has vendors competing for credit unions’ business through an online auction. Powered by Ventelligence, which is owned by the league’s subsidiary, it provides solutions and tools for organizing, assessing risk, tracking, and monitoring third-party agreements.

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