Task Force Takes on ‘Due Diligence’ Issues for CUs
Seeks avoiding of duplication of effort in determining third-party vendor relationships

February 4, 2008

FOR IMMEDIATE RELEASE
Contact: Patrick Keefe -- (202) 508-6765 pkeefe@cuna.com

WASHINGTON – Assisting credit unions in meeting their due diligence responsibilities with third-party vendors without unnecessary duplication of effort is the mission of a new task force established by CUNA.

With membership made up of 16 credit union and League representatives from all areas of the country and all sizes of institutions and associations, the new CUNA “Due Diligence Task Force” is designed to cover the broadest range of credit union due diligence issues.

Henry Wirz, president and CEO of SAFE CU in North Highlands, Calif., is chairing the group. It reports to the CUNA Board of Directors.

Specifically, the task force is aimed at providing practical resources and model procedures for assessing, controlling and monitoring the risks associated with third-party vendor agreements and performance.

Additionally, the group is charged with providing a mechanism so that credit unions may communicate their concerns regarding due diligence requirements to CUNA so that those concerns may be discussed with regulators.

“Members of the task force have extensive background, experience and knowledge about due diligence issues,” said CUNA General Counsel and Executive Vice President Eric Richard. “With NCUA placing a specific focus on due diligence issues in 2008, we believe that this group, by pooling information, would be an effective and efficient resource for credit unions in responding to the agency’s concentration.”

Other members of the task force include:

Bill Raker (vice chair), president and CEO, U S FCU, Burnsville, Minn.;
Mary Ann Clancy, general counsel, Massachusetts CU League, Marlborough, Mass.;
Tom Dare, associate general counsel, CUNA Mutual Group, Madison, Wis.;
Charles Emmer, president and CEO, ENT CU, Colorado Springs, Colo.;
Dave Fearing, vice president sales/services, Ohio CU League, Dublin, Ohio;
Tom Gaines, president and CEO, Tennessee CU League, Chattanooga, Tenn.;
Joseph Ghammashi, vice president and risk officer, Corporate One FCU, Columbus, Ohio;
Debie Keesee, president and CEO, Spokane Media FCU, Spokane, Wash.;
RoxAnne Kruger, senior vice president/business and member development, Washington CU League, Federal Way, Wash.;
Erin Mendez, senior vice president, IS and Finance, Orange County Teachers FCU, Santa Ana, Calif.;
Dave Osborn, president and CEO, Anheuser-Busch Emp. CU, St. Louis, Mo.;
Earle Pierce, director/internal audit, Community First CU of Florida, Jacksonville, Fla.;
Lisa Pleasure, director/internal audit, CommunityAmerica CU, Lenexa, Kansas;
John Sackett, board chair, Royal CU, Eau Claire, Wis.;
Christina Vaughn, compliance officer, Municipal ECU of Baltimore, Baltimore, Md

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About CUNA
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves about 90 percent of America's 8,500 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.

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