Continuity Control, a New Haven, Conn.-based compliance company, has announced the availability of an automatedcompliance management system aimed at small and mid-sized creditunions and designed to offer continually updated information aboutevolving regulations from the NCUA.

“This will reduce the costs and the time involved withcompliance,” said Andy Greenawalt, Continuity Control CEO.

“It's designed to be the least effort way to stay fullycompliant,” said Greenawalt, who elaborated that at the company'ssmaller 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 bedone with our tool in minutes.”

Exactly what the software does is track NCUA regulations andthen translates changes into deliverables that each credit unionhas 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 aone on one conversation. Online chat also is available. Neither involves extra charges, said Greenawalt, who indicated thatthe platform is priced in accordance with an institution'sassets.

Annual fees range from around $10,000 to $25,000, saidGreenawalt. Customers range from $15 million in assets up to $250million.

Continuity Control has 35 customers, he added.

Greenawalt said that the advantage of his automated serviceversus the compliance officer on call services offered by anincreasing number of leagues is that – because his is automated andcomputer based – he can keep the costs down to a range wheresmaller credit unions can afford the service.

Catherine Davis, executive vice president at $67 millionNew Dimensions Federal Credit Union in Waterville, Maine, saidthat using the tool has let the institution stay compliant withouthaving to add staff. Davis said she personally is the one whomost commonly uses the platform inside her credit union.

“It's simplified our compliance. It keeps us on track,” saidDavis.