CUNA Announces Technology Platform Provider to Deliver Comprehensive Compliance Solution for Credit Unions
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop
Washington, DC (October 3, 2018) – Credit Union National Association (CUNA) has selected Quantivate as the intended provider of a technology platform that will be the foundation for a new comprehensive, integrated compliance solution for credit unions.
The frequency of new compliance rules imposed by federal and state regulators, the complexity of issues involved, and the increased cost of meeting these new government rules has put an unreasonable burden upon 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. After thorough analysis, the regulatory compliance management system technology platform provided by Quantivate was selected to manage state and federal compliance burden in one place, and will allow credit unions, leagues, and CUNA to collectively manage compliance as a team.
“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.”
Credit union compliance in today’s regulatory environment is dynamic, complicated, expensive and overall burdensome. 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.”
“The regulatory environment has become a significant cost burden for credit unions,” said Andy Vanderhoff, Quantivate’s founder and CEO, “We look forward to working with CUNA, credit unions, and leagues to revolutionize a whole industry and reduce the cost of regulatory compliance. This solution deployment not only streamlines credit unions’ approach to regulatory compliance, but also gives them an easy upgrade path to other integrated governance and risk management solutions.”
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About CUNA:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.
About QUANTIVATE:
Since 2005, Quantivate has been helping credit unions efficiently manage their governance, risk, and compliance (GRC) initiatives. Quantivate’s scalable software and services solutions equip organizations of all sizes to make more strategic decisions, improve performance, and reduce costs. Learn more about how Quantivate’s integrated modules can simplify regulatory compliance, business continuity, vendor management, and more at quantivate.com