MARLBOROUGH, Mass. (12/18/15)--Aware of the many challenges confronting the successful management of a small credit union in today’s financial services environment, the Cooperative Credit Union Association (CCUA) will be taking further steps throughout the upcoming year to help ease the burden these credit unions face.
The association is announcing a new dues-supported benefit for small credit unions with less than $100 million in assets, one designed to help them ease their compliance burden. The CCUA will offer credit unions in this asset category a free one-year subscription to ComplySight, an online compliance tool.
The move builds on the CCUA’s Small Credit Union Conference and other efforts by the association to engage small credit unions in dialogue about new ideas and concepts the association can implement to help them address these burdens.
ComplySight provides visibility, tracking, measuring, and reporting for compliance activities in order to allow credit unions the opportunity to address compliance initiatives through one single application.
“It’s no revelation that compliance burden is weighing on all credit unions,” said CCUA President/CEO Paul Gentile. “Smaller credit unions tend to feel it heavier because their operational infrastructure tends to be leaner than larger credit unions. We want small credit unions focused on what they do best--serving their members--so anything we can do to ease their compliance burden, we’re going to do it.”
ComplySight can assist in communication compliance while supporting exam preparedness by providing regulatory updates. It can be customized to match the credit union’s specific products and services. When a regulation changes or new guidance is introduced, ComplySight notifies and provides the credit union with customized guidance in easy-to-understand, plain language. Its reporting features allow for reporting to the board of directors, auditors and examiners.
“I’m continually concerned that our lawmakers and regulators are treating credit unions the same as the largest of financial institutions,” Gentile said. “They need to realize that if they’re not careful, more and more smaller community institutions will cease to exist. I think consumers value local, community institutions and small credit unions certainly fit that billing.”