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News Now

Washington
Task force to address third-party vendors due diligence
WASHINGTON (2/5/08)-–The Credit Union National Association (CUNA) is establishing a new task force to help credit unions meet their due diligence responsibilities with third-party vendors and to do so without unnecessary duplication of effort. The National Credit Union Administration (NCUA) has identified third-party vendor relationships as one of its top examination issues for 2008. The CUNA task force will be headed by Chairman Henry Wirz of SAFE CU in California, and Vice Chairman William Raker of US FCU in Minnesota and will be comprised of 14 additional members from around the country The new task force will provide practical resources and model procedures for assessing, controlling and monitoring the risks associated with third-party vendor agreements and performance. Last week, the NCUA staged a Webinar on 2008 top exams issues. Dominick Nigro, information systems officer of the NCUA's Office of Examination and Insurance, said effective third-party due diligence must include background checks, review of the vendor's business model, and the vendor's financial condition. Board member Gigi Hyland, who moderated the session, specifically highlighted the need to review the legal agreement with the vendor and to ensure compliance with all applicable state and federal laws. The other members of the CUNA task force members are:
* Tom Dare, associate general counsel, CUNA Mutual Group, Madison, Wisc.; * Charles Emmer, president/CEO, ENT CU, Colorado Springs, Co.; * Dave Fearing, VP Sales/Services. Ohio CU Union, Dublin, Ohio; * Tom Gaines. president/CEO., Tennessee CU League, Chattanooga, Tenn.; * Joseph Ghammashi, VP/chief risk officer, Corporate One FCU, Columbus, Ohio; * Debie Keesee, president/CEO, Spokane Media FCU, Spokane, Wash.; * RoxAnne Kruger, SVP, Business and Member Development, Washington CU League, Federal Way, Wash.; * Erin Mendez, SVP, IS and Finance Orange County Teachers FCU, Santa Ana, Calif.; * Dave Osborn, president/CEO, Anheuser-Busch Employees U, St. Louis, Mo.; * Earle Pierce, director, Internal Audit, Community First CU of Florida, Jacksonville, Fla.; * Lisa Pleasure, director, Internal Audit, CommunityAmerica CU, Lenexa, Kan.; * John Sackett, board chair, Royal CU, Eau Claire, Wisc.; and * Christina Vaughn, compl;iance officer, Municipal ECU of Baltimore, Md.


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