Earning a profit while complying with regulations is an ongoingchallenge for credit unions. But the $116 million, Fairlawn,Ohio-based Towpath Credit Union recently discovered new tools thathelp it address compliance roadblocks while continuing to grow itslending program.

The credit union collaborated with regulatory compliance firmPolicyWorks, which is wholly-owned by the Iowa Credit Union League,Ohio Credit Union League, and California and Nevada Credit UnionLeagues. It also began using ComplySight, a web-based compliance management and tracking tool developed by LeagueInfoSight – an initiative developed by several leagues, includingPolicyWorks' three league-owners, to provide useful complianceresources to member credit unions.

PolicyWorks incorporates a management consulting component intoComplySight, making it more powerful for credit unions. Thetechnology, along with PolicyWorks' staff members, reviewsdocuments and files in key areas of risk, allowing Towpath tomanage compliance requirements responsibly.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 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.

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).