CUNA Due Diligence Task Force

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CUNA DUE DILIGENCE TASK FORCE

CUNA has formed the Due Diligence Task Force in order to respond to concerns from credit unions and regulators over how to best meet credit unions’ due diligence responsibilities involving third-party vendors without unnecessary duplication of effort. To fulfill this purpose, the Task Force will ultimately provide practical resources and model procedures for assessing, controlling, and monitoring the risks associated with third-party vendor agreements and performance. The key objectives of the Task Force are to:

Develop a model of core due diligence practices for credit unions to follow;
Develop a standardized template and model of core due diligence practices for vendors to follow, so that vendors will know what materials their credit union partners will generally require before entering into or continuing a business relationship; and
Assemble and make available to credit unions a set of due diligence best practices that go beyond that required by the core practices.

The Due Diligence Task Force needs help from you and your credit union to meet these objectives. Please do not hesitate to submit the due diligence procedures utilized by your credit union, as well as your concerns about due diligence in general, to the Task Force via the link below.