CUNA Mutual acquires Compliance Systems Inc.
CUNA Mutual Group today announced the acquisition of Grand Rapids, Mich.-based Compliance Systems, Inc., a privately-held technology company specializing in compliance technology for financial services, to expand the company’s lending technology capabilities.
Compliance Systems is a best-in-class provider of financial transaction technology and compliance expertise. The company provides technology that enables delivery of loan, deposit, and other transaction content in adherence with compliance regulations. Compliance Systems’ solutions complement CUNA Mutual Group’s long-running LOANLINER business that credit unions utilize to stay on top of regulatory changes related to their transaction content.
“Our vision is to transform and modernize our existing document services, elevating our ability to support the needs of credit unions through a simpler and more accessible solution for our customers,” said Robert N. Trunzo, CUNA Mutual Group president/CEO. “At the same time, Compliance Systems will continue to expand and grow within the banking and lending industry that they serve today.”
With more than 25 years of experience, Compliance Systems currently supports content configuration, data analytics, and compliance risk management for more than 1,400 U.S. financial institutions with a warranty to cover all 50 states and the District of Columbia.
“The opportunity to bring our solutions to more than 5,600 credit unions, on top of our current growth trajectory in the industry, provides us with a path to grow very rapidly,” said Dennis Adams, president/CEO, Compliance Systems.
Terms of the transaction were not disclosed.