HARRISBURG, Pa. -- The Pennsylvania Credit Union Association, moving to ease the compliance burdens on CUs, has purchased an online library of policies as a free service for members.
It is the first time that a league has purchased the generic set, called Policy Pro, and offered it at no cost, according to the Michigan Credit Union League which sold the Policy Pro package to PCUA.
"Policy Pro will be a tremendous benefit to all credit unions," said PCUA Chair Diana Roberts. "This is a product that would cost credit unions hundreds of dollars if they had to purchase it themselves."
Policy topics include human resources, third-party due diligence, accounting issues, Bank Secrecy Act and Red Flags. There are more than 200 policies in the Policy Pro package, which are then adapted by individual CUs.
The Michigan league said there are more than a dozen leagues that either have subscribed or partnered to offer Policy Pro through the league's CUcorp subsidiary.
Policy Pro has been a CUcorp product for almost seven years, said a spokesman for the Michigan group. More than 300 individual CUs subscribe to Policy Pro, which costs $825 for the first year and $525 to renew. For smaller credit unions, under $35 million in assets, the fee is $525 for the first year and $525 to renew.
A spokesman for PCUA said letting members have the service for free seemed workable and permits CUs to easily tap into sample compliance policies as needed.