The Credit Union National Association is planning a new comprehensive, integrated compliance solutions for credit unions and has selected Woodinville, Wash.-based Quantivate as the provider for the new platform.
In 2017, the CUNA board commissioned the development of an industry compliance solution under the guidance of CUNA staff, leagues and compliance advisory groups. After “thorough analysis,” the association said the regulatory compliance management system technology platform provided by Quantivate was selected to manage state and federal compliance burden in one place, which reportedly will allow credit unions, leagues, and CUNA to collectively manage compliance as a team.
“The frequency of new compliance rules imposed by federal and state regulators, the complexity of issues involved, and the increased cost of meeting these new government rules has put an unreasonable burden upon credit unions. Credit union compliance in today’s regulatory environment is dynamic, complicated, expensive and overall burdensome,” CUNA said in a statement.
CUNA said its market analysis found credit unions are “overwhelmed” by existing regulations, new regulations and changes, and that compliance is both expensive and resource intensive. The trade group said this new compliance solution, which was designed by a team of stakeholders from across the industry, including credit unions, state leagues, industry partners and other experts, will “leverage technology” and include features identified as fundamental to reducing the compliance burden on credit unions.
“Quantivate ’s technology is key to our investment in the future of the industry to ensure credit unions have access to a comprehensive, integrated solution that combines state and federal compliance,” said Jared Ihrig, CUNA’s chief compliance officer.
Noting that compliance continues to pose a significant burden for credit unions, Quantivate CEO Andy Vanderhoff said the group looks forward to working with CUNA and hopes to “revolutionize a whole industry and reduce the cost of regulatory compliance.”
