CU*Answers sets stage for round 2 of compliance contest
GRAND RAPIDS, Mich. (12/30/14)--CU*Answers, a credit union service organization core processor, announced its second Cost of Compliance Contest will begin Thursday.
Last year, CU*Answers held a contest that asked credit unions to create a template that would help account for the day-to-day costs incurred by credit unions to maintain compliance.
Winning templates and worksheets were created by Pathways Financial CU, Columbus, Ohio, with $223 million in assets; KALSEE CU, Kalamazoo, Mich., with $148 million in assets; and Internet Archive FCU, New Brunswick, N.J., with $2.3 million in assets.
The latest competition, which ends June 5, asks client credit unions to use one of the winning templates or create their own and submit a report that details how their credit union used the template to account for the cost of compliance, and whether that cost has placed a substantial financial burden on the credit union.
"This is the second of a two-part cooperative endeavor by CU*Answers to raise awareness throughout our industry of what this over-reaching regulatory environment is doing to both financial statements and the overall return to our members," said Jim Vilker, vice president and leader of contest sponsor AuditLink. "Saying that the cost of compliance is killing our industry may be true, but without quantifying that cost it will fall on deaf ears."