December 5, 2013
Six credit unions have recently signed on with national regulatory compliance leader, PolicyWorks, for assistance with compliance strategy and implementation.
Contracting with PolicyWorks for federal compliance support, Jemez Valley Credit Union and Montana Federal Credit Union will now have a partner for interpreting and implementing new regulations, as well as evaluating the impact on their credit unions. PolicyWorks staff will also review the credit unions’ disclosures, documents and new-product strategies for compliance with federal regulations.
Montana FCU will also take advantage of PolicyWorks’ newly launched ComplyRight Mortgage package, which walks credit unions through the specific actions that need to be taken to properly implement the Consumer Financial Protection Bureau’s new mortgage regulations. Anheuser-Busch Employees' Credit Union, I.H. Mississippi Valley Credit Union and Thrivent Federal Credit Union have also signed on to use PolicyWorks’ ComplyRight mortgage services.
“Compliance has always been an operational priority for our credit union. With the new mortgage regulations, however, it’s requiring more resources with each passing year,” said Jennifer Hunsche, quality control manager at Anheuser-Busch Employees' Credit Union. “Today’s regulatory demands call for collaboration, and we see PolicyWorks – with their knowledgeable and responsive staff – as the ideal extension of our internal teams.”
To ensure proper compliance of its marketing messages, creative agency Play Creative Design has contracted with PolicyWorks to complete a comprehensive review of the marketing communication and documents it creates for credit union clients.
FORUM Credit Union has contracted with PolicyWorks to ensure their newly restarted credit card program is in compliance with federal regulations.
“It’s become important to offer a wide range of solutions to credit unions as they build out their compliance strategies,” said Andrea Stritzke, PolicyWorks vice president of regulatory compliance. “Our objective is to offer as much support as an individual credit union needs, allowing their personnel to focus on growth, innovation, and of course, the best possible member service.”