CHATTANOOOGA, Tenn.—In a move to improve compliance support for its member credit unions, the Tennessee Credit Union League is partnering with PolicyWorks.
The increasing complexity and frequency of regulation is behind the league’s decision to partner with the Des Moines, Iowa-based compliance provider, which also serves six other credit union associations and over 600 independent credit unions across the U.S.
“The compliance burden facing our credit union members is not going away any time soon,” said TCUL President Fred Robinson said, “We see an opportunity to relieve some of that burden by partnering with PolicyWorks and leveraging the breadth of experience on their team. The 24x7 support will be a welcome help as we all work together to balance compliance with a great member experience.”
The partnership gives TCUL member credit unions access to timely compliance news and information. TCUL member credit unions also receive access to PolicyWorks’ compliance hotline, which provides member credit unions with e-mail and/or telephone answers to their questions on regulatory requirements, policies and general compliance inquiries.
“Partnering with leagues to provide best-in-class member compliance services is something we are passionate about,” said PolicyWorks CEO Justin Hupfer. “We’re excited for the opportunity to help Tennessee credit unions tackle today’s compliance challenges.”
In addition to the compliance hotline, TCUL said it signed on with the compliance firm due to tools such as:
- Monthly e-newsletter detailing compliance trends and issues
- Compliance bulletins requesting comment on proposed regulations and summarizing final regulations
- Monthly FAQs on hot compliance topics
- Compliance training
TCUL members will also have access to PolicyWorks’ full suite of compliance services for an additional fee. Those services include:
- Bank Secrecy Act and SAFE Act independent testing
- Website compliance audits
- Full-scale compliance audit services
- Marketing/communications reviews