Making profits while complying with regulations is an ongoing challenge for credit unions. But the $116 million, Fairlawn, Ohio-based Towpath Credit Union recently discovered new tools that help it address compliance roadblocks while continuing to grow its lending program.
The credit union collaborated with regulatory compliance firm PolicyWorks, which is wholly-owned by the Iowa Credit Union League, Ohio Credit Union League, and California and Nevada Credit Union Leagues. It also began using ComplySight, a web-based compliance management and tracking tool developed by League InfoSight – an initiative developed by several leagues, including PolicyWorks' three owner leagues, to provide useful compliance resources to member credit unions.
PolicyWorks incorporates a management consulting component into ComplySight, making it more powerful for credit unions. The technology, along with PolicyWorks' staff members, reviews documents and files in key areas of risk, allowing Towpath to manage compliance requirements responsibly.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
