The National Credit Union Administration wants to require all credit unions to force outside auditors to sign contracts specifying exactly what services they are providing to the institution.

Services that must be detailed in the contract include: testing internal controls and searching for problems with the accounting of cash, loans, and investments. The proposal will likely be finalized at the July 24 board meeting.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.