In a move aimed at expanding lending technology capabilities for credit unions, CUNA Mutual Group has acquired Grand Rapids, Mich.-based Compliance Systems Inc., a privately held technology firm that provides financial transaction technology and compliance expertise.
Specifically, CUNA Mutual noted, the company provides technology that enables delivery of loan, deposit and other transaction content in adherence with compliance regulations. In addition, Compliance Systems’ products complement CUNA Mutual’s LOANLINER business that credit unions use to stay on top of regulatory changes related to their transaction content.
Terms of the transaction were not disclosed.
“Our vision is to transform and modernize our existing document services, elevating our ability to support the needs of credit unions through a simpler and more accessible solution for our customers,” Robert N. Trunzo, president and CEO, CUNA Mutual, said in a Nov. 28 press release. “At the same time, Compliance Systems will continue to expand and grow within the banking and lending industry that they serve today.”
Compliance Systems currently supports content configuration, data analytics, and compliance risk management for more than 1,400 U.S. financial institutions with a warranty to cover all 50 states and D.C.
