CUNA has announced the completion of beta testing a new, comprehensive compliance solution for credit unions. This solution, in alliance with leagues, will leverage technology and include features identified by credit unions as fundamental to reducing the compliance burden.
“Today’s regulatory environment is dynamic, complicated and expensive to manage. It can be a real drain on the resources of our members,” said Jared Ihrig, chief compliance officer at CUNA. “Working with subject matter experts, credit unions and leagues, we are developing a cost-effective, scalable solution to manage credit union compliance responsibilities more confidently.”
In June of this year, ten credit unions of various asset sizes were invited to begin testing the compliance solution developed in collaboration with Quantivate, a software provider specializing in governance, risk and compliance. Their feedback is being used to refine the user experience prior to the launch of the solution.
“Overall, I’m very impressed with the solution,” said Tony Diaz, chief compliance officer at SchoolsFirst FCU and participant in the beta test. “I’ve had good experiences with the content and the intuitive nature of the software.”
Credit unions participating in the beta test included:
For more information about the solution and to stay up to date on development and availability, please visit www.cuna.org/anewdayforcompliance.