The Credit Union National Association (CUNA) recently hired Quantivate to provide the technology platform for its new regulatory compliance system for credit unions.
In 2017, the CUNA Board commissioned the development of a regulatory compliance management system technology platform given the number of new rules imposed by federal and state regulators. Through market analysis, CUNA learned that credit unions are overwhelmed by existing regulations, new regulations and changes, and the costs of compliance.
Quantivate will build a platform that will allow credit unions to manage state and federal compliance requirements in one place.
“As the largest industry trade association, CUNA’s job is to provide comprehensive compliance support and resources that helps make compliance and regulatory change more manageable, so credit unions can focus on providing excellent service to those who matter most,” Jared Ihrig, chief compliance officer for CUNA, said. “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.”
This new compliance platform – developed by stakeholders, including credit unions, state leagues, industry partners and other experts — will leverage technology to reduce the compliance burden on credit unions.
“In the current regulatory environment, a core expectation of federal and state regulators is for credit unions to possess and/or develop robust Compliance Management Systems, which requires much more than the single compliance officer which used to suffice,” Tony Diaz, chief compliance officer of SchoolsFirst Federal Credit Union, said. “This core technology gives me confidence that nothing will fall through the cracks.”
Andy Vanderhoff, founder and CEO of Quantivate, said the solution will revolutionize the industry and reduce compliance costs.
“This solution deployment not only streamlines credit unions’ approach to regulatory compliance but also gives them an easy upgrade path to other integrated governance and risk management solutions,” Vanderhoff said.