To help credit unions curtail the cost of compliance and stay on top of regulatory requirements, the Kentucky Credit Union League has formed a new partnership to make it happen.
The league has teamed up with PolicyWorks, a Des Moines, Iowa-based provider of credit union compliance solutions.
Through the partnership, Kentucky’s member credit unions will have access to up-to-the-minute compliance news and information, including PolicyAid, an online library of downloadable policy templates, the league said.
Credit unions will also be given access to the PolicyWorks’ compliance hotline, which provides email and telephone answers to their questions on regulatory requirements, policies and general compliance inquiries.
“Regulatory compliance is a double-edged sword. On one hand, it is very necessary to protect the interests of credit unions and their members. On the other, the dollars and cents associated with compliance can hinder a credit union’s ability to invest back into the cooperative,” said PolicyWorks CEO Justin Hupfer.
According to recent testimony given to the House Subcommittee on Financial Institutions and Consumer Credit, regulatory burden is one of the more significant changes some have seen within the credit union industry over the past 20 years, PolicyWorks said.
KCUL President Wendell Lyons said the league had been looking for a comprehensive solution for compliance services.
“The phone/web access, along with PolicyAid, will be a welcomed resource to all of our credit unions. We strongly believe PolicyWorks is a perfect fit for us.”