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RedZone Protects, LLC was formed this month to become a CUSO that eyes compliance and risk mitigation for credit unions through the lens of security services solutions.
Launch Credit Union of Merritt Island, Fla. ($1 billion in assets, 72,866 members) and RedZone Compliance Services, LLC in Annapolis, Md., collaborated together to create the RedZone Protects CUSO. Launch, according to a statement, was the inaugural investor in the CUSO.
In a press release announcing the creation of RedZone Protects, which joins the list of more than 1,100 CUSOs in the country, the CUSO will provide credit unions with information security services solutions "through the delivery of professional information security assessments and regulatory compliance advisory services."
"We felt that the creation of RedZone Protects at this time was appropriate and needed in the credit union industry," RedZone Protects CEO Bill Murphy said. "Our goal is to assemble the best of the best into this CUSO in providing services to credit unions nationally in the area of governance and regulatory compliance."
As part of the formation agreement, RedZone Protects acquired the financial services industry business portion of Security Compliance Associates headquartered in Clearwater, Fla. This acquisition immediately gave RedZone Protects an existing customer base of more than 160 credit unions.
"Over the next year, the CUSO will develop as the go-to vendor in meeting your credit union regulatory requirement. We are excited about what the future will bring," Murphy said.
In a statement, Launch President/CEO Joe Mirachi said, "The creation of RedZone Protects was a win-win-win scenario. The credit union industry gained a respected partner/CUSO in an ever evolving space."
Mirachi continued, "Launch Credit Union was offered a unique investment opportunity with a chance to shape the CUSO and RedZone Technologies partnered with an existing client to continue their endeavor of securing the lives of millions of consumers. We are eager to partner and collaborate while serving the needs of credit unions and their member owners."
According to RedZone Protect's website, the CUSO lists the following services for credit unions:
- Information security assessments;
- Business continuity management;
- General controls review/governance risk and compliance review; and
- Social engineering and information security training.
Jim Brahm, former CEO of Security Compliance Associates and now president of RZProtects SCA, LLC said, "RedZone Protects acquired a majority stake in Security Compliance Associates' financial industry business in September of this year, making it the first credit union-focused business to be integrated into the new CUSO."
Brahm added, "We are excited about becoming the dominant provider of security compliance services for credit unions. In joining the new CUSO we will continue to bring our long tradition of providing valuable compliance and security services to the credit union market as part of the new and enhanced team."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
