Like many of its peers, iQ Credit Union had grown overwhelmed in keeping up with the rapid pace and myriad regulatory changes.
For some time, the $452 million credit union explored ways to manage expenses associated with compliance, said Roger Michaelis, president/CEO of the cooperative in Vancouver, Wash.
"We're trying to control operating costs just like everybody else," Michaelis said. "We were struggling with how to continue to respond to noninterest income activity and stay in compliance without exposing the credit union to a bunch of outside risk."
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