The $76 million REALTORS Federal Credit Union of Rockville, Md., will be using the cloud-based compliance services of NeighborBench, the company and credit union said.
The NeighborBench solution combines automated tools including notifications and dashboards with the experience of compliance professionals, the company said.
"As a former compliance professional, I know how time consuming it can be to assess a credit union's risks and help them take the right actions" said Jane Pannier, CEO of REALTORS FCU.
Seven credit unions have now adopted the solution in the first 60 days after its launch, said NeighborBench, also of Rockville. Ten more have given verbal commitments, the company said, adding that 30 licenses were pre-purchased by Strategic Partners, a CUSO of the Mountain West Credit Union Association, who has become the primary distributer of the product for credit unions.
"Our platform was designed to provide community financial institutions with the kind of bench strength they need to tackle complex issues – like compliance – more efficiently,” said Ken Wolff, founder and managing partner of NeighborBench.