SPOKANE, Wash. -- The Washington Credit Union League is going high-tech with compliance and in three months has more than 330 subscribers to an online service in which CU executives are promised answers to common regulatory questions "within eight business hours."
The service is called "Compliance Answer Library" and, said officials, eliminates tedious waits and excessive phone calls to league offices while providing an archival storehouse plus an individualized system to alert users on the most pressing issues.
CAL, in which answers are provided on everything from Bank Secrecy Act regulations to NCUA rules on logo ads, has been in operation since June and was being promoted last week at the league's annual convention held here.
"We are unable to find another league that has this kind of online compliance service in which users, apart from getting quick responses, can do their own searches and see what responses others receive on similar queries," said Mary Sroufe, director of regulatory affairs.
Sroufe, an attorney, stressed that she and a cohort, Monica Johnson, also an attorney and an analyst, do not dispense legal advice but can research tougher queries through outside counsel.
The Web site is produced by a Seattle vendor, Fuze Digital Solutions, with plans to expand the online vehicle to consumer applications at a later date.
In searches, the league said CAL avoids "long treatises that users must wade through" and tracks "your favorite questions or categories so you can update as soon as they change."
In addition, the service rates the answers a user finds "so we know how to make them better" in the future.
Sroufe said the average response time under CAL is "under two hours with 98% of the queries handled under four hours."