Credit Union National Association (CUNA) has selected Quantivate as the intended provider of a technology platform that will be the foundation for a new comprehensive, integrated compliance solution for credit unions.
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. In 2017, the CUNA Board proactively commissioned the development of an innovative industry compliance solution under the guidance of CUNA staff, leagues and compliance advisory groups. After thorough analysis, the regulatory compliance management system technology platform provided by Quantivate was selected to manage state and federal compliance burden in one place, and will allow credit unions, leagues, and CUNA to collectively manage compliance as a team.
“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,” said Jared Ihrig, Chief Compliance Officer for CUNA. “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.”
Credit union compliance in today’s regulatory environment is dynamic, complicated, expensive and overall burdensome. CUNA’s market analysis found that credit unions are overwhelmed by existing regulations, new regulations and changes, and that compliance is both expensive and resource intensive. Designed by a team of stakeholders from across the industry, including credit unions, state leagues, industry partners and other experts, this new compliance solution will leverage technology and include features identified as fundamental to reducing the compliance burden on credit unions.
“The regulatory environment has become a significant cost burden for credit unions,” said Andy Vanderhoff, Quantivate’s founder and CEO, “We look forward to working with CUNA, credit unions, and leagues to revolutionize a whole industry and reduce the cost of regulatory compliance. 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.”