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:

Board of Directors/Management Oversight

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 Compliance Management System (CMS) 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. A compliance focused CUSO may offer regulatory consulting, helpline support, compliance training, and audit and review services.

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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 can 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:

Compliance Helpline and Consulting
BSA, ACH, SAFE Act Audits
Marketing and Website Compliance
Information System and Technology Audits
Board, Staff and Management Training
CMS Development and Implementation

Our services are flexible to your situation. Whether you need help with a one-time project or require ongoing support, we deliver tailored solutions that meet your goals and objectives.

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Contact Us Today for All Your Compliance Needs

Compliance rules and regulations are always changing, but Comply-YES! has the outsourced compliance services and professionals to help you navigate and effectively implement those changes. Contact us today to discover how Comply-YES! can cost-efficiently strengthen and enhance your compliance program!