Vendor Due Diligence
 

 Compliance/Regulatory

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Non-Affiliated Contact Leslie Poole

Program Description

BSA requires credit unions in the US to assist government agencies to detect and prevent money laundering and similar illegal acts.  In addition to monitoring their on activities for compliance, CUs must also monitor the activities of their third party vendors.  


As a rule, third party vendors are not covered by BSA on their own, but CUs are liable for any actions performed by their vendors for or on behalf of the CU.   What must a CU do to insure its vendors’ compliance with BSA, OFAC, GLB privacy and similar laws?  The NCUA has circulated guidance, but all CUs must assess their relationships and design protocols to require compliance in those relationships.  This webinar explains how.


Program Length: 80 Minutes

Meet The Presenter:

Franklin Drake has been a partner in the Raleigh, North Carolina law firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a sixteen-year practice specializing in creditor's rights, bankruptcy, and repossession law in Louisville, Kentucky. For the last 30 years, Mr. Drake has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters, and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys guiding his clients around compliance pitfalls and how NOT to get sued.

 

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