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NCUA Releases New Guidebook on Digital Service Contracts for Small CUs
Wednesday, November 9, 2016 6:35 AM

The National Credit Union Administration has unveiled a new guidebook that aims to provide credit unions with information and advice on negotiating contracts for digital services.

"The Basics of Data Processing Contracts" is available through NCUA's Small Credit Union Learning Center and provides comprehensive instructions on negotiating contracts with third-party vendors for digital services.

"Knowing how to negotiate a strong contract is essential to running any business," Jean-Marie Komyathy, acting director of NCUA's Office of Small Credit Union Initiatives, said in a statement. "Credit unions frequently turn to outside companies to provide crucial digital services, including data processing, mobile banking and information technology. If these business relationships aren't properly managed, a credit union can face potential risks, unanticipated costs and legal expenses. That's why a good contract is so important, and our new guidebook helps credit unions write those contracts."

The guidebook covers requesting and evaluating bids; performing due diligence on potential vendors; negotiating terms, including pricing, performance requirements, and liabilities; and contract management and compliance.

The Small Credit Union Learning Center is part of the regulator's Office of Small Credit Union Initiatives (OSCUI). The new guidebook is available here.