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CU Roots launches CU Vitality and audit division

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ONTARIO, Calif. (3/5/12)--CURoots Cooperative--a credit union service organization (CUSO) launched by several credit unions and the California and Nevada Credit Union Leagues--are introducing a new collective health-benefits solution for credit unions and an internal audit services division.

CUVitality features medical benefit plans offered by Kaiser Permanente and United Healthcare.

"Many of our member credit unions have long expressed an interest in a solution to help offset the rising costs of health benefits," said CURoots CEO Lucy Ito. "In response, CURoots Cooperative and the leagues have joined forces to provide CUVitality."

CUVitality will eventually offer a full portfolio of employee benefits, Ito said. Dental and vision coverage and ancillary benefits such as life, long-term and short-term disability, and long-term care will be added later this year.

Credit unions will have several choices for internal audit services:

  • Ongoing management controls of auditing, including loan reviews; employee, official, dormant and closed account reviews; and cash counts;
  • Specialty (one-off) audits and risk assessments, including Bank Secrecy Act (BSA)/Office of Foreign Asset Control, automated clearinghouse, and ATM personal identification audits; and
  • A deluxe internal audit package providing ongoing management controls and specialty audits.
 

CURoots continues to provide shared compliance services including the development and maintenance of an ongoing compliance program, policies and procedures, BSA programs, and vendor due diligence.   

"With the growth of the CUSO, it was important to separate the shared compliance services and internal audit services into different divisions in order not to compromise the independence of the two functions," Ito said. "In addition, CURoots' compliance and internal audit services are now open to non-members at non-owner pricing."

CU24 survey to ID productsservices trends

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TALLAHASSEE, Fla. (3/5/12)--Credit Union 24, a credit union-owned ATM and point-of-sale (POS) network, has launched its fourth annual credit union industry survey to identify trend in financial products and services. 

The survey also seeks to identify industry challenges and recent developments.

The 14-question survey can be accessed online until 6:30 p.m. (ET) March 20. 

Individuals also can complete the survey in-person--using the two iPad2s that will be given away to randomly drawn winners--at Credit Union 24 booth 359 in the Credit Union National Association's Governmental Affairs Conference exhibit hall, March 18-20 in Washington, D.C. Those who complete the survey and provide their contact information can also win two pre-loaded Visa gift cards valued at $100 and $50.

The company said it will release the results of the survey in the second quarter.