Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Third-party info distributed to CUs
ALEXANDRIA, Va. (4/15/08)—A new questionnaire that National Credit Union Administration (NCUA) field staff will use to complete the evaluation of credit union third-party relationships has been distributed by the agency to federally insured credit unions. Examiners will evaluate third-party relationships based on the risk of each relationship and will use the questionnaire to document the review. The questionnaire names the following three elements of an effective program, as discussed earlier by the NCUA in an enclosure to a December 2007 letter (07-CU-13.) The three elements are:
* Risk Assessment and Planning; * Effective Due Diligence; and * Risk Measurement, Monitoring, and Control.
The NCUA communication added that questions or concerns should be directed to a credit union’s NCUA Regional Office or state supervisory authority. The Credit Union National Association’s Due Diligence Task Force currently is assembling resources for guidance to credit unions to address their concerns about the due diligence examination process. The resources include such things as sample vendor management policies and procedures. The Due Diligence Task Force's key objectives are to develop a core due diligence model that credit unions can use to evaluate third-party vendors, as well as develop a due diligence best practices guide that goes beyond the core due diligence model. Use the resource link below to access the NCUA questionnaires.
Other Resources

RSS print
News Now LiveWire
Even 1 step makes a difference in preparing for disasters #creditunions #NewsNow http://t.co/eFUmMJnIwA
7 hours ago
From today's @USATODAY front page, a shout out to #CreditUnions courtesy of @CUNA http://t.co/881vLPeECN
8 hours ago
Happy anniversary to the ATM! 45 years of self-service cash HT @GOBankingRates http://t.co/ycsm3GFwk5
10 hours ago
.@USATODAY print edition features #creditunion membership march to #100mm. Zoom in on lower left hand corner #NewsNow http://t.co/Xv8fyX7ces
10 hours ago
No special assessment for ASI member #creditunions in 2014. See #NewsNow http://t.co/NwL9eJwbiQ
10 hours ago