More than 500 CUs benefiting from Credit Union Compliance Management System
September 25, 2020
More than 500 credit unions are now using Credit Union Compliance Management System™ (CU CMS) after just six months of national availability. The solution has been adopted by credit unions of every asset size, from below $50 million to over $10 billion.
“The system is fulfilling a need at our credit union,” said Michelle Stiles, president of Atlantic City Electric Company EFCU. “It’s helping us to stay informed about compliance changes.”
“The numbers tell a story,” says CUNA President/CEO Jim Nussle. “We’re talking about the implementation of Credit Union Compliance Management System by 500 credit unions in 47 states. With 60 regulation alerts so far in 2020, that’s a significant lift in compliance confidence at credit unions across the country.”
CU CMS is a benefit of membership for CUNA or League members. The centralized, web-based platform uses technology from software provider Quantivate to help compliance professionals handle the inherent complexities and requirements of compliance.
For credit unions that need even more robust capabilities or have complex compliance functions, Credit Union Compliance Management System PLUS™ (CU CMS+), a system with enhanced benefits for total compliance management, is available. Any credit union, regardless of affiliation, can purchase CU CMS+.
“We are pleased to let our members know about this platform. It’s comprehensive and configurable. The fact that it was developed by and for credit unions, provides confidence nothing has been missed,” said Mark Cummins, president/CEO of the Minnesota Credit Union Network. “It puts credit unions in a strong position to manage compliance in a way that helps protect the interests of their boards and members. And it also provides timely relief since credit unions are dealing with so many unprecedented issues.”
Credit unions using CU CMS or CU CMS+ can also add any of Quantivate's integrated modules to create a full GRC suite, including:
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