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 regulatory compliance 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.
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Many credit unions use a Compliance Management System (CMS) to maintain compliance requirements and manage risk. A comprehensive CMS addresses compliance responsibilities through aspects such as:
Developing, implementing and managing a Compliance Management System (CMS) 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. A compliance focused CUSO may offer regulatory consulting, helpline support, compliance training, and audit and review services.
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Working with a CUSO can bring benefits such as:
At Comply-YES!, we understand the intricacies of regulatory 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 flexible to your situation. Whether you need help with a one-time project or require ongoing support, we deliver tailored solutions that meet your goals and objectives.
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Compliance rules and regulations are always changing, but Comply-YES! has the outsourced compliance services and professionals to help you navigate and effectively implement those changes. Contact us today to discover how Comply-YES! can cost-efficiently strengthen and enhance your compliance program!
