GRAND RAPIDS, Mich.–AuditLink, the audit and compliance division of CU*Answers, recently held its second Conversations on Compliance event here.
“We had an amazing turnout this year,” said Marsha Sapino, AuditLink assistant manager. “We filled our training room to its capacity. Turnout was so high in fact that next year we will be moving the event off-site and will open up the invitation to individuals outside the CU*Answers client network as well.”
The full-day schedule included discussions on regulatory updates, profitability and mergers and overdraft protection regulatory and legal risks. In addition to AuditLink professionals Jim Vilker, manager, and Sapino, guest speakers were on hand to provide their own insights on the changing regulatory environment.
Special guest Steve Van Beek of Howard & Howard Attorneys PLLC was on hand to talk about the risks associated with overdraft protection programs. Charles McQueen of McQueen Financial kicked off the afternoon with a discussion on profitability in a low interest rate environment as well as navigating mergers.
“There’s clearly an appetite among credit unions for information relating to regulatory updates and compliance in general,” said Vilker. “We’re looking forward to the event next year and to opening it up to credit unions outside the CU*Answers network.”
Separately, CU*Answers reported it has teamed up with eDOC Innovations to provide credit unions an inexpensive option to archive their corporate documents. Documents such as board minutes, HR files, insurance policies, contracts and committee minutes will be able to be stored in a secure location apart from the credit union’s member data. Including a small computer, scanner, and specialized software, this service will allow credit unions to scan documents into the system where they are encrypted at rest and safe from prying eyes. With robust search capability authorized staff can quickly locate documents, the CUSO said.
“Once incorporated into the credit union’s retention schedule and business continuity and disaster recovery plans these documents will remain safe from physical peril and unauthorized access and can be easily maintained,” CU*Answers said. “The feature also includes the capability to create DVDs of the data should credit unions wish to store copies offsite.”
“Why should corporate documents be left behind in a credit union’s imaging strategy?” said John Beauchamp, CU*Answers VP of imaging solutions. “It’s understandable that credit unions don’t want to mix member data and corporate data in the same system so we created this solution and now they don’t have to.”
The solution will be available in late June 2016.