DES MOINES, Iowa (3/20/15)--The Ohio Credit Union League and the California and Nevada Credit Union Leagues have purchased minority equity stakes in PolicyWorks, a compliance consulting firm owned by the Iowa Credit Union League (ICUL).
Member credit unions of the Ohio and California/Nevada leagues will have access to a network of experts to answer their regulatory compliance questions when the transition is completed this summer. Also, a broad-based menu of fee-based compliance services will be available.
"Throughout the past 10 years, PolicyWorks has been committed to providing best-in-class compliance services to credit unions not only in Iowa, but across the country," said Pat Jury, ICUL president/CEO. "We have assembled an excellent team of attorneys, former examiners and operational professionals who are well-versed in the ever-evolving world of compliance. This new collaboration with the Ohio and California/Nevada leagues positions PolicyWorks to continue as a national leader of compliance solutions."
Officials from both the Ohio and California/Nevada leagues believe this investment is a win for everyone--the leagues, credit unions and their members.
"Compliance is among the most pressing and exhausting burdens consuming credit unions' bandwidth today, making it the duty of the Ohio Credit Union League to help them manage and lighten that load so they can instead focus more on serving members," said Paul Mercer, Ohio league president/CEO. "By investing in PolicyWorks, we're best positioned to continue providing credit unions with deep and robust compliance assistance that will evolve and keep pace in this ever-changing environment."
"The opportunity for us to collaborate with PolicyWorks was one that made sense for our members," said Diana Dykstra, California and Nevada leagues president/CEO. "Together with the Iowa and Ohio leagues, we believe this partnership will create momentum behind PolicyWorks' efforts to help credit unions and be a partner in industry efforts to tackle the compliance challenges to come."