Continuity Control, a New Haven, Conn.-based compliance company, has announced the availability of an automated compliance management system aimed at small and mid-sized credit unions and designed to offer continually updated information about evolving regulations from the NCUA.
“This will reduce the costs and the time involved with compliance,” said Andy Greenawalt, Continuity Control CEO.
“It’s designed to be the least effort way to stay fully compliant,” said Greenawalt, who elaborated that at the company’s smaller credit unions clients – in the $15 million in assets range – it typically is the CEO who uses the tool.
“We designed it with the time constraints of the staff in mind,” said Greenawalt. “What before would have taken hours usually can be done with our tool in minutes.”
Exactly what the software does is track NCUA regulations and then translates changes into deliverables that each credit union has to meet, said Greenawalt.
When a credit union executive has questions about regulations, they also can pick up the phone and call a Regulation Adviser for a one on one conversation. Online chat also is available. Neither involves extra charges, said Greenawalt, who indicated that the platform is priced in accordance with an institution’s assets.
Annual fees range from around $10,000 to $25,000, said Greenawalt. Customers range from $15 million in assets up to $250 million.
Continuity Control has 35 customers, he added.
Greenawalt said that the advantage of his automated service versus the compliance officer on call services offered by an increasing number of leagues is that – because his is automated and computer based – he can keep the costs down to a range where smaller credit unions can afford the service.
Catherine Davis, executive vice president at $67 million New Dimensions Federal Credit Union in Waterville, Maine, said that using the tool has let the institution stay compliant without having to add staff. Davis said she personally is the one who most commonly uses the platform inside her credit union.
“It’s simplified our compliance. It keeps us on track,” said Davis.