Mid-Hudson Valley Federal Credit Union, a $700 million institution based in Kingston NY, today announced it had contracted with Des Moines, Iowa-based PolicyWorks to assist MHVFCU in meeting current and future federal regulatory requirements.
"With the current regulatory burdens on credit unions growing on an almost daily basis, we're so please to have the support of an organization as competent as PolicyWorks,” said Jessica Fox, MHVFCU vice president of risk management.
“The regulatory environment has become overwhelming for many credit unions and so they are reaching out to third parties for assistance,” said Andrea Stritzke, a vice president at PolicyWorks, a wholly-owned subsidiary of the Iowa Credit Union League. She indicated that PolicyWorks has provided over 200 credit unions with compliance consulting and added that the turn to third-party consultants has become a significant trend, particularly in the context of more complex federal regulations from a long list of agencies including the Federal Reserve and NCUA.
“We work to provide more than just answers to compliance questions as they arise,” said Justin Hupfer, PolicyWorks’ CEO, in a press statement announcing the pact with MHVFCU. “We also provide strategic guidance to give credit unions peace of mind. In today’s regulatory climate, credit unions must be strategic about their compliance efforts by planning and budgeting for them, just like any other strategic initiative.”