Business Editors/High-Tech Editors
SAN DIEGO
--(BUSINESS WIRE)--
--Compliance
Coach Inc.
, a leading provider of automated regulatory compliance solutions to the financial services industry, today announced that
Continental Airlines Federal Credit Union
(CFCU) is the latest credit union to license its CompliancePal software.
Earlier this year, Compliance Coach launched CompliancePal, a user-friendly Web-based software that uses a unique five-step system to facilitate compliance with the FACT Act Identity Theft Red Flags Rule. The CompliancePal software enables companies to comply more quickly, and with less effort.
The FACT Act Identity Theft Red Flags Rule imposes new responsibilities on businesses to prevent consumer identity theft. The impact is broad and the Rule affects every single bank, credit union, mortgage lender, auto dealer, credit card lender, payday lender, utility company, municipality, phone company, and any consumer or small business lender in the country.
Each affected entity must perform a risk assessment, identify covered accounts and applicable red flags, then map the red flags to detection and response procedures and implement a written identity theft prevention program. They must also train appropriate staff and update the program periodically and report on its effectiveness, at least annually. Failure to comply can lead to civil monetary penalties for each violation, regulatory enforcement action, private plaintiff lawsuits, negative publicity and loss of business.
âWe are honored that CFCU, a leader in the credit union industry has joined hundreds of other credit unions to use CompliancePal,â said Sai Huda, chairman and CEO, Compliance Coach. âThe solution will enable CFCU to quickly and easily get into and stay in compliance,â continued Huda.
âWe are delighted to license CompliancePal. We recommend it strongly to all credit unions,â said
Tom Glatt
, president & CEO of CFCU. Glatt was recently named the Credit Union Times Trailblazer CEO of the Year for 2008. âCompliancePal saves time, money and enables compliance precisely. It is an outstanding value proposition,â continued Glatt.
CompliancePal, a Web-based software, walks the user through a series of questions and produces: the required risk assessment; the mapping of red flags to appropriate detection and response procedures; the written program; the training materials; and the compliance status report, everything necessary to pass an audit.
The software is updated regularly to address new identity theft schemes and red flags so a company can easily update its identity theft program and maintain compliance. To use the solution, companies simply sign-up online and access the software via the Internet. A demo can be viewed at
http://www.compliancepal.com
.
About
Continental Airlines Federal Credit Union
.
Chartered in 1952 by a group of
Continental Airlines
employees,
Continental Airlines Federal Credit Union
(CFCU) has been a place for members to obtain low-cost loans and build their savings. Since then, it has grown into a full-service credit union, offering members a wide array of products and services, including no-fee ATMs, 24-hour telephonic access, competitive mortgage, home equity, auto and consumer loans, Visa credit and check cards, and a broad spectrum of complementary services that members would expect from their primary financial institution. Membership in Continental FCU is available for employees of its primary sponsoring airlines,
Continental Airlines
and
US Airways
, as well as employees of all other entities engaged in the air transportation industry who work in
the United States
, members of their immediate families or households, and organizations of such persons. CFCU currently serves over 19,000
Continental Airlines
employees and through a separate brand, over 7,000
US Airways
employees. CFCUâs President & CEO,
Tom Glatt
was named the Credit Union Times Trailblazer CEO of the Year for 2008. Under Glattâs leadership since 2006, CFCU has grown into one of the nationâs most innovative, member-centric and successful credit unions. For further information, please visit:
http://www.continentalfcu.org
.
About
Compliance Coach, Inc.
Compliance
Coach Inc.
, is a leading provider of automated regulatory compliance solutions to the financial services industry. Seven of the top 10 banks and hundreds of financial services companies throughout the U.S. rely on Compliance Coachâs solutions and services to mitigate compliance risk.
Compliance Coach provides risk assessment software, e-learning and other tools to enable compliance with applicable laws and regulations. Its products and services are supported by an in-house team of nationally recognized legal, compliance and technology experts. CompliancePal is the companyâs latest revolutionary web-based software that uses a unique five step system to enable compliance with the new FACT Act Identity Theft Red Flags Rule, quicker and easier.
The company is privately held and venture capital backed by four of the top 10 banks:
Wells Fargo
,
Bank of America
,
Citigroup
and
Washington Mutual
are the companyâs primary investors. It is based in
San Diego, California
and has a regulatory relations office in
Washington, D.C.
For further information, visit
http://www.compliancecoach.com
.
Compliance Coach® is a registered trademark and CompliancePal⢠is a trademark of
Compliance Coach, Inc.
Patents pending.
Copyright © 2008 Compliance Coach, Inc.
All rights reserved.
RMS Public Relations
Jason Kirshner
/
Shana Starr
, 949-579-9569 x 801/802
Jason-PR@RMS-Biz.com
/
Shana-PR@RMS-Biz.com
State Keywords:
California
Industry Keywords: Technology; Software; Security; Professional Services; Banking; Finance
Source:
Compliance Coach Inc.
