NCUA Appears to be Focusing More on Vendor Management
Elizabeth M. Young LaBerge, Senior Regulatory Compliance Counsel, NAFCU reports: “A handful of credit unions have reported that NCUA examiners are paying special attention to vendor management and outsourcing processes.”
NCUA’s Letter to Credit Unions 2007-13 and its enclosed Supervisory Letter 07-01 are the primary source of vendor management guidance for credit unions. Third party contracts should always be reviewed by a credit union’s legal counsel.
TCT Risk Solutions encourages client credit unions to review any contracts and services with their attorneys. TCT undergoes regular audits by outside firms to assure its operations and services meet regulations. Furthermore, TCT provides Regulatory Compliance and Policy Creation services to clients to help assure their third party vendor policies are in order.