NCUA’s Basics of Data Processing Contracts Resource

The NCUA has released the Basics of Data Processing Contracts, which provides detailed, comprehensive instructions on negotiating contracts with third-party vendors for digital services.  The guidebook covers the elements of the contracting process, including:

  • Requesting and evaluating bids;
  • Performing due diligence on potential vendors;
  • Negotiating terms, including pricing, performance requirements and liabilities; and
  • Contract management and compliance.

The guide comes out of the Office of Small Credit Union Initiatives, but provides a good basis for reviewing and updating data processing service contracts for all credit unions.

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