West Michigan-based CUSO CU*Answers has launched a pair of websites, PolicySwap and ExamShare, to help its credit union clients manage their obligations.
CU*Answers said PolicySwap was developed in order to help credit unions navigate the compliance process and to reduce the compliance cost for each institution.
The core processing CUSO is encouraging credit unions within the network to share policies they may have as well for others to also incorporate. Cash rewards are included.
CU*Answers also said that one of the most common complaints it hears from credit unions is difficulties preparing for regulatory examinations. ExamShare, a second site, was launched to provide input and feedback on recent examinations through a pre-developed survey.
The company said it will create reports breaking down client responses by such criteria as region, size, credit union charter and exam subject matter.
“With this information, every credit union will have a better idea and be more prepared for what to expect from its examiners within their region,” CU*Answers said in its announcement.
CU*Answers re-iterated that it wants to reduce the element of surprise and stress often associated with exams as much as possible, and stressed it will never ask for data that cannot be legally divulged, such as a credit union’s CAMEL rating.
CU*Answers is based in Grand Rapids, Mich., and serves about 200 credit unions.