Credit Union Compliance

Why Outsource?

Credit unions are subject to many of the same regulations as other financial institutions, but since they operate differently from traditional banks, they sometimes have specific regulatory compliance to maintain. Regulations will vary based on the jurisdiction a credit union is in, but all have the goal of ensuring compliance and consumer protection.

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How Credit Unions Manage Compliance Risk

Many credit unions use a compliance management system (CMS) to maintain compliance requirements and manage risk. A comprehensive CMS addresses compliance responsibilities through aspects such as:

A board of directors/management oversight committee

Policies and procedures

Training

Monitoring and corrective action

Member complaint response

Compliance audits

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What Is a CUSO?

Developing, implementing and managing a credit union compliance management system can be time-consuming and costly, which is where a credit union service organization (CUSO) comes in. A CUSO is an organization owned by credit unions that serves credit unions. CUSO compliance officers provide financial services or operational services to help credit unions save money on operating costs and generate additional net income.

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Benefits of Working with a CUSO

Working with a CUSO can bring benefits such as:

Saving money: The industry experts available to credit unions through a CUSO can help credit unions save money on operational costs, hiring and retaining talent and technology expenses.

Enhancing services: While a CUSO handles specific services, such as regulatory compliance services, credit unions are free to focus on improving their capabilities and serving their members better.

Facilitating collaboration: Partnering with a CUSO enables credit unions to leverage collective resources to compete with and outperform traditional bank counterparts.

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Our Compliance Services

At Comply-YES!, we understand the intricacies of regulatory credit union compliance. When you work with us for your compliance requirements, you can enjoy services catered to your compliance needs, including:

Marketing compliance
CMS development, implementation and management
Product and service compliance review and analysis
A compliance helpline
Collaboration on compliance matters

Our services are also flexible to your situation. Whether you need help with a one-time project or a bundle of services for ongoing needs, you will find our expertise and capabilities are adaptable.

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Contact Us Today for All Your Compliance Needs

The never-ending world of compliance is always changing, but we are here to help you navigate it. Comply-YES! can enhance your compliance program and cost-efficiently strengthen its effectiveness. We have the outsourced compliance services and professionals you need to take a vacation from all your compliance worries. Contact us today to strengthen your credit union compliance management system today!