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negotiations with Recipient at any time. Additional agreements of the parties, if any, shall be in writing signed by Disclosing Party and Recipient. 7. Irreparable Harm. Recipient understands and acknowledges that any disclosure or misappropriation of any of the Confidential Information in violation of this Agreement may cause Disclosing Party irreparable harm, the amount of which may be difficult to ascertain, and therefore agrees that Disclosing Party shall have the right to apply to a court of competent jurisdiction for specific performance and/or an order restraining and enjoining any such further disclosure or breach and for such other relief as Disclosing Party shall deem appropriate. Such right of Disclosing Party is to be in addition to the remedies otherwise available to Disclosing Party at law or in equity. Such right of Disclosing Party is to be in addition to the remedies otherwise available to Disclosing Party at law or in equity. Recipient expressly waives the defense that a remedy in damages will be adequate and any requirement in an action for specific performance or injunction for the posting of a bond by Disclosing Party. 8. Survival. This Agreement shall continue in perpetuity; and may only be amended, modified or superseded by a written agreement by and between the parties hereto. 9. Governing Law and Jurisdiction. This Agreement and all rights hereunder or related in any way hereto shall be governed and construed by the laws of the State of ____________________; and it is further agreed that venue and jurisdiction for any disputes, claims or damages shall reside solely within the State of ____________________;. 10. General. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous representations, understandings and agreements, oral or written, made between the parties effecting the subject matter hereof, and all such prior or contemporaneous representations, understandings and agreements are hereby terminated. If a court of competent jurisdiction determines that any provision contained in this Agreement is void, illegal or unenforceable, the other provisions shall remain in full force and effect and the provision held to be void, illegal or unenforceable shall be limited so that it shall remain in effect to the extent permissible by law. The undersigned agrees to and accepts the terms set forth herein: CREDIT UNION NAME HERE ___________________________________________ Signature By: Print Title: Date: NAME OF VENDOR HERE ___________________________________________ Signature By: Print Title: Date: Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 26
A Review of ‘Red Flags’ and what Documentation may Leave your Credit Union Open to Liability RED FLAGS • Effects both Operations and Lending • New program for detecting, prevention, and mitigation of ID Theft on a covered account. • New address change procedures. • Detailed steps to take if a Red Flag appears prior to opening an account. • What to do if someone asks for a replacement card following an address change. Step One Step Two Step Three Step Four Step Five Step Six Understanding Red Flags and Information Security Assessment Checklist A Complete FCRA Policy – (Not Required – However -- we do not believe it is good practice to address a law in separate parts) Detailed Incident Response Policy/Procedures – intended to work hand-inhand with ID Theft and Red Flags Procedures – Detailed ID Theft and Red Flag Procedures Internal Credit Union Use - ID Theft Affidavit Step Seven Initial Board Adoption of Red Flags Assessment and Policy -- With the potential liability that can attach to the Credit Union’s Senior Management and Volunteers We have drafted this from a Legal Perspective to Provide a Level of Protection from Claims that we recommend to all Credit Union Clients. Step Eight Periodic Board Re-Assessment and Approval of Red Flags Policy // As with the initial Approval -- the potential liability that can attach to the Credit Union’s Senior Management and Volunteers We have drafted this from a Legal Perspective to Provide a Level of Protection from Claims that we recommend to all Credit Union Clients. Step Nine Possible ID Theft Investigation Form // A Credit Union may find its assessment of a possible Red Flags/ID Theft Matter being used as a Tool Against the Credit Union. Example – you suspected but chose not to act; and now some member sues claiming your assessment was negligent and if you would have acted – they would not have been insured (a classical negligence claim). This form is drafted to provide protections from such claims and is recommended to all Credit Union clients. Step Ten Initial Training -- Train Everyone as Applicable and document this. – Front Line Staff Security Officer(s) Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 27
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Compliance Update - I REGULATORY AN
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Introductory Notes: Basic Obligatio
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performed by boards of directors. T
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What if an applicant “volunteers
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Please answer the following questio
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MULTIPLE ISSUES AND RESOURCES - SOM
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• Review of the negative shares r
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Page 41 and 42: Compliance Update - II REGULATORY A
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Page 85 and 86: 135-2009 Community Notice // OE/CE
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