Introduction – CUVM (Credit Union Vendor Management) is a CUSO organized by credit unions to outsource the collection of due diligence information from their vendors. CUVM uses sophisticated software to request, track and organize the documentation needed for a credit union to be in compliance with the NCUA requirements.
What is in it for you – Our goal is to not only make the due diligence process easy for credit unions but to also decrease the burden for your company to supply exhaustive and expensive documentation to multiple credit unions. Aggregating our information / documentation request for clients we have in common will decrease your expenses and increase your efficiency in dealing with the daunting requirements of supplying due diligence information.
How it works for you and the credit union – When we have a credit union client in common we will request due diligence information from you specific to that credit union. (ie. A copy of the contract. In addition we will request other documents / information that will not be client specific but will be needed by all of your clients. In this case we will load the non-client specific documents into a library especially for your clients which we will be able to use for all common clients. To be sure these non-client specific documents are current, we will place stale dates on them and only request updates when the document is out of date. What this means to you is a reduction in paperwork and a decrease in your expense for providing these documents. Redundant requests will continue to decrease over time and as our client base builds.
Features in the works – In the coming months we will allow you to upload documents into our system for specific clients and also a general client library. Access to these documents are limited to only those credit unions that are current clients.