GRAND RAPIDS, Mich. (3/6/12)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization, has developed a collaborative website to help credit unions navigate the compliance process and to reduce the compliance cost for each institution.
On the website, called PolicySwap, credit unions can share policies and procedures. For instance, if a credit union is looking for a Bank Secrecy Act (BSA) policy that matches its goals, it can browse PolicySwap for other credit unions' BSA policies to find the best match.
Every uploaded policy is reviewed for quality, CU*Answers said. However, the company cautioned that no policy manual, however well-intentioned and closely followed, can guarantee that a credit union will pass every regulatory audit. Rapidly changing conditions in the regulatory landscape may quickly invalidate the policies and procedures, and each credit union has final responsibility for understanding the most current regulations and ensuring their credit union is in compliance, CU*Answers said.
CU*Answers is encouraging other credit unions within the network to share policies. As incentive, credit unions that share their policies within PolicySwap are eligible to collect CollabRebate points, which may be redeemed for cash rewards.
PolicySwap represents CU*Answers' most recent collaborative effort in allowing credit unions to share information with each other to save time and be better prepared for the next examination. The company previously developed the ExamShare website, a resource for exam information from credit union peers.