(Des Moines, Iowa – November 1, 2012) – To help its member credit unions stay on top of regulatory requirements and curtail the burgeoning cost of compliance, the Kentucky Credit Union League (KCUL) today announced its partnership with credit union compliance firm PolicyWorks.
Through this partnership, KCUL member credit unions will have access to up-to-the-minute compliance news and information, including PolicyAid, a comprehensive, online library of downloadable policy templates. As well, the credit unions will be given access to the PolicyWorks’ compliance hotline, which provides member credit unions with email and/or telephone answers to their questions on regulatory requirements, policies and general compliance inquiries.
“Regulatory compliance is a double-edged sword. On one hand, it is very necessary to protect the interests of credit unions and their members. On the other, the dollars and cents associated with compliance can hinder a credit union’s ability to invest back into the cooperative,” said PolicyWorks CEO Justin Hupfer.
According to recent testimony given to the House Subcommittee on Financial Institutions and Consumer Credit, regulatory burden is one of the more significant changes some have seen within the credit union industry over the past 20 years.
KCUL President Wendell Lyons said, “We were looking for a comprehensive solution for compliance services for Kentucky credit unions. The phone/web access, along with Policy Aid, will be a welcomed resource to all of our credit unions. We strongly believe PolicyWorks is a perfect fit for us.”
In addition to the PolicyWorks compliance hotline, KCUL was drawn to the ready access of a wide variety of user-friendly tools for their member credit unions, such as:
- Monthly e-newsletter detailing compliance trends and issues
- Compliance bulletins requesting comment on proposed regulations and summarizing final regulations
- Monthly FAQs on hot compliance topics
- Compliance training
KCUL members will also have access to PolicyWorks’ full suite of compliance services for an additional fee. Those services include:
- Lending Compliance Services
- Bank Secrecy Act and SAFE Act Independent Testing
- Website Compliance Audits
- Full-scale Compliance Audit Services
- Marketing/Communications Reviews
About Kentucky Credit Union League
The Kentucky Credit Union League (KCUL) is a non-profit trade association founded in 1934 to represent and provide services to credit unions throughout the Commonwealth of Kentucky. Find out more about KCUL at kycul.org or call 800-333-5285.
About PolicyWorks
PolicyWorks is a national leader in credit union compliance solutions. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. For more information, visit www.PolicyWorksLLC.com.