ALEXANDRIA, Va.–NCUA has published a Letter to Credit Unions urging scrutiny of all relationships with third parties, noting it has directed its field staff to pursue the same.
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“This guidance was developed to assist in the evaluation of basic planning, due diligence and controls credit unions should have in place when engaging in third party relationships,” the agency wrote. “The planning, due diligence and controls required to safely engage in these relationships will depend upon credit union risk profiles and the type of relationship with the vendor. The evaluation of new and current vendors could include different components based on the duration of the relationship.”
