DES MOINES—The Ohio and California/Nevada CU Leagues have purchased minority equity stakes in PolicyWorks, a compliance consulting firm owned by the Iowa CU League.
Credit unions in Ohio, California and Nevada will now have access to a network of experts to assist with regulatory and compliance issues once the merger is completed this summer. Many fee-based compliance services are also available.
In addition to lobbying for credit unions, PolicyWorks also lobbies in the fields of technology, public safety, health care and energy, all of which provide additional revenue streams for the owner leagues, as ICUL CEO Pat Jury told CU Journal earlier this year.
Jury said in a statement that the new multi-league collaboration "positions PolicyWorks to continue as a national leader of compliance solutions."
Ohio League President Paul Mercer said the partnership can help lighten the load for credit unions in an area that is one of the most cumbersome fields CUs deal with today.
"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," Mercer noted.
California/Nevada Leagues President and CEO Diana Dyksra emphasized that the collaborative opportunity will benefit members of credit unions in all three 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," said Dykstra.