Two CUSOs Team Up to Boost CU Compliance

A new partnership formed between CUSOs Member Driven Technologies (MDT) and Comply-YES! will help address a common pain point felt across the credit union industry – keeping up with compliance requirements.

According to a Monday announcement from MDT, its credit union clients will have access to compliance support and services through the Warren, Mich.-based Comply-YES! These offerings will include staff and director training; policy and procedure development, review and maintenance; Compliance Management System (CMS) development, implementation and management; oversight reporting to executive management and the board; and auditing and consulting services.

MDT, based in Farmington Hills, Mich., provides credit unions with a private cloud for core processing and IT needs, and hosts the Symitar core processing system from Jack Henry. Its other offerings include services and support related to digital banking, payments, lending, cybersecurity, imaging, business continuity, disaster recovery, regulatory, consulting, data analytics, email hosting and hardware purchasing.

“We were drawn to MDT as a partner because as a fellow CUSO, they understand credit unions’ unique business structure and are dedicated to providing them with the tools and technologies they need to serve their members and thrive in today’s landscape,” Comply-YES! CEO Steve Dedene stated. “We look forward to helping more of MDT’s credit union clients with auditing, consulting and compliance services, helping them boost their regulatory posture and better serve their members.”

MDT President/CEO Larry Nichols added, “The regulatory landscape changes at a quick pace, which can be difficult and time consuming for credit unions to keep up with themselves. Comply-YES! is solving for a significant pain point, alleviating credit unions from having to dedicate an inordinate amount of time and resources to compliance so they can instead focus on their true goal: Providing meaningful member service. We are proud to partner with another likeminded CUSO that shares our values and mission.”

Catherine Morey, vice president of risk management for the $612 million, Farmington Hills-based Alliance Catholic Credit Union, an MDT client that recently began using services offered by Comply-YES!, commented, “It seems a natural pairing to have MDT and Comply-YES! team up to provide the needed functions of hardware, software and compliance. We consider Comply-YES! our trusted compliance partner and look forward to the association with our trusted core system provider for full service of regulatory and systems support.”