The $172 million Ashland CU in Ashland, Ky., and $189 million Arlington Community FCU in Arlington, Va., have contracted with COMPASS 4 CUS LLC for compliance help.
Included will be Bank Secrecy Act reviews, policy and procedure reviews, website audits, training, and unlimited general compliance support, the CUSO said.
“The COMPASS model will allow Ashland CU to gain a broader level of expertise while reducing its overall compliance cost,” said that credit union’s president, Larry Lucas.
“Our job is to understand each individual operation and help them integrate regulatory compliance into every process. We essentially serve as an external compliance officer,” said Gaye DeCesare, president/CEO of COMPASS 4 CUs.
The Washington, D.C.-based CUSO now serves more than a dozen credit unions and is wholly owned by the $277 million Belvoir FCU in Woodbridge, Va.