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August 20, 2024

Credit Union Times: "Breaking Free: Strategies for Credit Unions to Navigate Vendor Terminations"

Charles Nerko, team leader for data security litigation, had his “Breaking Free: Strategies for Credit Unions to Navigate Vendor Terminations” article published in Credit Union Times. Credit Unions typically face early termination fees reaching into the seven figures when they switch core processors or merge with other financial institutions and need to terminate multiple vendor contracts simultaneously. The article highlights how credit unions can potentially avoid paying sky-high early termination fees to their vendors, get more value out of their existing vendor relationships, and operate more freely. 

In his article, Charles states, “In the fast-changing tech landscape, having the flexibility to switch vendors can greatly benefit credit unions. By understanding their legal rights and contesting improper early termination fees, credit unions can take charge of their vendor partnerships and better serve their members.” The article shows how skilled attorneys can uncover legal grounds for challenging early termination fees, such as a vendor’s data breach or noncompliance with cybersecurity regulations.

The article includes a profile of Keith Stone, CEO of The Finest Federal Credit Union, who obtained a complete waiver of Fiserv’s early termination fee for terminating a core contract in the course of a merger between credit unions.

Click here to read the full article.
 

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