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April 30, 2008 - NCUA issued a letter to all federally insured credit unions regarding the new Evaluating Third Party Relationships Questionnaire that NCUA staff will use when examining credit union third party relationships. Both state and federal examiners have recently increased scrutiny on third party relationships.
NCUA’s questionnaire contains three elements of effective third party relationships including: risk assessment and planning; effective due diligence and risk measurement; monitoring; and control. To see the questionnaire, click here. (Excel format). If you have any questions, contact your state regulator or NCUA regional director.
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