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McGladrey/Cavion Survey Finds CU Web Sites Have Compliance Problems

MOUNDS VIEW, Minn. - According to a new study by RSM McGladrey and Cavion Plus, 99% of credit union Web sites have at least one compliance violation. "The results were startling," said Cavion Plus Product Manager Sara Erdman. "We know that many credit unions struggle to keep up with the...

By Staff Writer | Updated on November 23, 2004

MOUNDS VIEW, Minn. – According to a new study by RSM McGladrey and Cavion Plus, 99% of credit union Web sites have at least one compliance violation. “The results were startling,” said Cavion Plus Product Manager Sara Erdman. “We know that many credit unions struggle to keep up with the growing volume of compliance and regulatory changes, but we had no idea that we would find so many violations.” The study found a total of 1,236 violations. The Web sites averaged three to four violations on the Home page and Rates pages alone. “Believe it or not, we found all of these violations by only looking at about two pages of each Web site,” said John Zasada, RSM McGladrey’s Managing Director of Regulatory Compliance. “As you can imagine, we would have found hundreds of more violations if we had looked at every page of each Web site.”

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