DES MOINES, Iowa—To help lighten the regulatory burden facing CUs in their states, the Ohio Credit Union League and the California and Nevada Credit Union Leagues recently purchased minority equity stakes in PolicyWorks.
The investment will grant members of the Ohio and California/Nevada leagues access to PolicyWorks’ network of experts to answer their regulatory compliance questions after the transition is completed this summer. PolicyWorks is a compliance consulting firm owned by the Iowa Credit Union League
In addition, there will be a broad-based menu of fee-based compliance services available to the leagues’ members, as well, noted the Iowa League in a release.
“Throughout the past 10 years, PolicyWorks has been committed to providing best-in-class compliance services to credit unions not only in Iowa, but across the country,” said Pat Jury, president and CEO of the Iowa Credit Union League. “We have assembled an excellent team of attorneys, former examiners and operational professionals who are well versed in the ever evolving world of compliance. This new collaboration with the Ohio and California/Nevada Leagues positions PolicyWorks to continue as a national leader of compliance solutions.”
Officials from both the Ohio and California/Nevada leagues believe the investment will pay off for the leagues and their member CUs.
“Compliance is among the most pressing and exhausting burdens consuming credit unions’ bandwidth today, making it the duty of the Ohio Credit Union League to help them manage and lighten that load so they can instead focus more on serving members,” said Paul Mercer, president of the Ohio League. “By investing in PolicyWorks, we’re best positioned to continue providing credit unions with deep and robust compliance assistance that will evolve and keep pace in this ever-changing environment.”
“The opportunity for us to collaborate with PolicyWorks was one that made sense for our members,” said Diana Dykstra, president and CEO of the California and Nevada League. “Together with the Iowa and Ohio Leagues, we believe this partnership will create momentum behind PolicyWorks’ efforts to help credit unions and be a partner in industry efforts to tackle the compliance challenges to come.”