GRAND RAPIDS, Mich.–AuditLink, the audit and compliance division of CU*Answers, recently hosted “An Afternoon of Compliance” for network clients.
“It’s the first time we have hosted a training event both in person and via webinar,” stated Marsha Sapino, AuditLink Assistant Manager, in a statement. “We had eight people join us at our facility and 43 attend online.”
During this session, Jim Vilker, VP of Professional Services and head of AuditLink, discussed recent regulatory updates in the industry, while Sapino trained clients on recent releases to the CU*BASE core processing platform that credit union compliance officers would find helpful. AuditLink also went over an audit plan that they, along with Honor CU, Frankenmuth CU and Alpena Alcona Area CU collaborated on. It is a plan that any credit union in the network can use as a template for managing their audit and compliance internal program.
“We are happy with the attendance and the response from our clients,” added Sapino. “With the addition of making these sessions available remotely, we’re excited that even more in the national network will be able to take advantage of them, beyond just those in the West Michigan area.”
Separately, Lender*VP, a division of CU*Answers, announced that it has updated more than one-million credit records through its soft-pull credit score service for 72 participating clients since the beginning of the 2017 fiscal year starting October 2016.
The service is available to credit unions on the CU*BASE® core processing platform and provides credit unions with members’ current scores, improving the effectiveness of lending practices.
“With current credit scores, lending teams can more effectively target members who qualify for a better deal, and promote the correct loan rate,” the CUSo said. “In addition to the benefits to acquiring new loans, keeping current with members’ credit scores helps the CUs identify members with financial challenges, allowing them to proactively help those members. The soft pull credit score service is available with the credit bureau of the CU’s choice, and is based on parameters defined by the credit union.”
“Credit unions are really starting to see the value of pulling credit scores,” said Beth Barron, Lender*VP account executive. “Not only do they get a boost to their lending effectiveness, but they can also identify struggling members sooner and help get them headed back on the right path.”
For more info, visit the CU*Answers website.