ANNAPOLIS, Md.—A new CUSO has been formed here with backing from a Florida-based credit union in a deal that involves the acquisition of a compliance services firm.
RedZone Compliance Services, a provider of regulatory compliance and governance solutions, said it has joined with Launch Credit Union to form RedZone Protects, LLC, an enterprise risk and compliance focused CUSO.
The $1-billion, Merritt Island, Fla.-based Launch CU is the inaugural investor in RedZone Compliance Services, LLC of Maryland. The CUSO also acquired the financial service industry business portion of Security Compliance Associates (SCA) of Clearwater, Fla., giving it an existing customer base of 160+ credit unions, the organization said.
“This newly formed RedZone Protects CUSO will provide premier information security services solutions to credit unions across the country though the delivery of professional information security assessments and regulatory compliance advisory services,” the organizations said, adding the CUSO will assist credit unions in securing and defending their membership and organizations against the ever-evolving threat landscape while helping them comply and remain compliant with growing information and cyber security regulations.
‘Appropriate and Needed’
“We felt that the creation of RedZone Protects at this time was appropriate and needed in the credit union industry,” said RedZone Protects CEO Bill Murphy. “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. Over the next year, the CUSO will develop as the go-to vendor in meeting your credit union regulatory requirement.”
Added Joe Mirachi, CEO of Launch Credit Union, “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. 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.”