Credit unions are subject to many of the same regulations as other financial institutions, but since they operate differently from traditional banks, they sometimes have specific compliance regulations to maintain. Regulations will vary based on the jurisdiction a credit union is in, but all have the goal of ensuring compliance and consumer protection.
Many credit unions use a compliance management system (CMS) to maintain compliance and manage risk. A comprehensive CMS addresses compliance responsibilities through aspects such as:
Developing, implementing and managing a credit union compliance management system can be time-consuming and costly, which is where a credit union service organization (CUSO) comes in. A CUSO is an organization owned by credit unions that serves credit unions. They offer financial or operational services to help credit unions save money on operating costs and generate additional net income.
Working with a CUSO can bring benefits such as:
At Comply-YES!, we understand the intricacies of credit union compliance. When you work with us for your compliance requirements, you can enjoy services catered to your compliance needs, including:
Our services are also flexible to your situation. Whether you need help with a one-time project or a bundle of services for ongoing needs, you will find our expertise and capabilities are adaptable.
The never-ending world of compliance is always changing, but we are here to help you navigate it. Comply-YES! can enhance your compliance program and cost-efficiently strengthen its effectiveness. We have the outsourced compliance services you need to take a vacation from all your compliance worries. Contact us today to learn more about our compliance services!
