250+ credit unions get compliance help through Credit Union Compliance Management System™
FOR IMMEDIATE RELEASE
Contacts:
Stephen Fitzmaurice – CUNA Communications; (202) 981-1373; sfitzmaurice@cuna.coop
Tracy Travis – CUNA Marketing; (608) 231-4219; ttravis@cuna.coop
MADISON, Wis., and WASHINGTON (April 24, 2020) — After 60 days of national availability, more than 250 credit unions are using either Credit Union Compliance Management System™ (CU CMS), a CUNA or League member benefit, or Credit Union Compliance Management System PLUS™ (CU CMS+), the for-fee solution. This centralized, web-based platform uses technology from software provider, Quantivate, to help compliance professionals manage federal and state regulations with regulation change alerts, guided workflows and more. Credit union compliance officers can access the system remotely, getting up-to-date alerts on what’s happening in the industry from anywhere.
“It’s really challenging to keep up with all that is changing on a daily basis,” says Linda White, CEO of Upward CU in Burlingame, CA. “But having a tool like Credit Union Compliance Management System PLUS on board feels like the smart thing to do to make sure nothing falls through the cracks.”
“I’m delighted that this benefit is available to our league members,” says Paul Guttormsson, senior vice president & general counsel of The Wisconsin State League. “This comprehensive, customizable platform helps resolve compliance questions quickly so credit unions can perform at their best and provide the timely relief that so many members need right now.”
“Streamlining compliance tasks is more crucial than ever as Congress rolls out new regulations to help Americans weather the economic impact of the COVID-19 pandemic,” says Jared Ihrig, CUNA chief compliance officer. “Over 250 credit unions now have access to a robust compliance system that allows their entire organization to be more agile and confident as financial first responders.”
CU CMS or CU CMS+ users get access to compliance alerts, CUNA Mutual Group RISK Alerts, as well as action items to help build and implement a compliance plan. Compliance alerts can be integrated with compliance workflows to drive accountability and compliant operations. Credit unions that upgrade to the for-fee solution, CU CMS+, also have access to enhanced functionality. March and April compliance alerts have included:
- March Military Lending Act
- CARES Act
- NCUA Exam Approach During COVID-19
- TDR: Interagency Statement on Loan Modifications and Reporting During COVID-19
- SBA Guidance
Credit unions using CU CMS or CU CMS+ can also add any of Quantivate's integrated modules to create a full GRC suite including:
- Business Continuity
- Vendor Management
- Enterprise Risk Management
- Complaint Management
- Internal Audit
- IT Risk Management
Learn more at cuna.org/cucms.
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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 115 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. To find your nearest credit union, visit YourMoneyFurther.com.
About Quantivate
Quantivate is a market leader in governance, risk and compliance software and services. Since 2005, organizations both large and small have used Quantivate's integrated platform to reduce risk, boost performance and drive strategic decision-making. The company's suite of risk and compliance modules equips organizations to build an integrated GRC architecture that can mature and strengthen any enterprise. Visit www.quantivate.com.