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.
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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.).
