Constellation Federal Credit Union Rebuilds Compliance Program
After its compliance officer resigned, Constellation Federal Credit Union said it still needed compliance expertise that was cost efficient.
The $170 million credit union in Reston, Va., turned to COMPASS4CUs LLC, a regulatory compliance CUSO that creates and reviews policies and procedures, pre- and post-exam areas of concern, Bank Secrecy Act and Office of Foreign Assets Control training for staff and volunteers.
Lindsay Alexander, acting CEO of Constellation FCU, said when its in-house compliance officer left, a void still needed to be filled.
“We knew we needed top-notch compliance assistance, but were not convinced that an in-house professional was the best answer for our size and cost structure,” Alexander said. The credit union chose COMPASS for its expertise and assistance with building a compliance program that would go beyond what it had internally.
The Woodbridge, Va.-based COMPASS said it now serves nearly 20 clients, state leagues and CUNA’s Center for Professional Development.