CUNA has selected Quantivate as the intended provider of a technology platform designed to be the foundation for a new comprehensive, integrated compliance solution for credit unions. In 2017, the CUNA board proactively commissioned the development of an innovative industry compliance solution under the guidance of CUNA staff, leagues and compliance advisory groups.
“As the largest industry trade association, CUNA’s job is to provide comprehensive compliance support and resources that helps make compliance and regulatory change more manageable, so credit unions can focus on providing excellent service to those who matter most,” said Jared Ihrig, chief compliance officer for CUNA. “Quantivate’s technology is key to our investment in the future of the industry to ensure credit unions have access to a comprehensive integrated solution that combines state and federal compliance.”
After thorough analysis, the regulatory compliance management system technology platform provided by Quantivate was selected to manage state and federal compliance burdens in one place, and will allow credit unions, leagues, and CUNA to collectively manage compliance as a team.
CUNA’s market analysis found that credit unions are overwhelmed by existing regulations, new regulations and changes, and that compliance is both expensive and resource intensive.
Designed by a team of stakeholders from across the industry, including credit unions, state leagues, industry partners and other experts, this new compliance solution will leverage technology and include features identified as fundamental to reducing the compliance burden on credit unions.
“In the current regulatory environment, a core expectation of federal and state regulators is for credit unions to possess and/or develop robust Compliance Management Systems, which requires much more than the single compliance officer which used to suffice,” said Tony Diaz, Chief Compliance Officer of SchoolsFirst Federal Credit Union. “This core technology gives me confidence that nothing will fall through the cracks.”