WOODBURN, Ind.-Compliance issues associated with social media and smartphone use are much on the mind of David Shuey president and CEO, of Financial Partners FCU.

"Ours is a smaller CU, so I wear many hats," he said. "I'm the compliance officer as well as the CEO."

Financial Partners has yet to offer members mobile banking, but does have a transaction-capable website and will be launching a new website on July 1 to harness leading-edge technology. "QR codes for smartphone codes will link to that. Obviously that's down the pike," he said.

FPFCU is using cbanc as a resource to monitor how other CUs are handling the compliance issues that come with every new advance in media. "I love the give-and-take of cbanc," he said. "If you are looking for an idea of what NCUA is looking at, what they are concentrating on, for a NCUA exam, for example, you will find entries on that."

The CU first signed up with cbanc in January 2011. hen he needs to create policies and procedures to put before his board for approval, Shuey doesn't have to start from scratch.

"We first saw a major benefit with uniform gambling and gaming policies and procedures for credit unions," he said. "We needed that for last year's NCUA examination. I found a policy for a similar-sized institution and we were able to provide a policy for our board's approval. Another example is that we had to get a foreclosure policy in place. We've never had a foreclosure, but in the present economy they wanted that policy in place." Again, he found examples on cbanc of policies put in place by CUs of similar size. "cBanc saves you quite a lot of time, said Shuey. "I can tweak the examples given to match our situation."

cbanc, or course, is not his only authoritative source. "Keeping policies current, keeping up with all the changes, means constant reading and due-diligence on my part. Another resource is NCUA itself, and I network with credit unions of similar size." He also cited Corporate One FCU in Columbus, Ohio, as a resource.

"More than 50% of CUs are growing their member base by expanding the boundaries of who can be a member," observed Myers Dupuy president of Austin, TX-based cbanc Network. "To do that they have to offer the services prospective members expect from banks. The really interesting point for credit unions is that they are know for collaborating with one another, especially compared to banks. However, 83% of cbanc members are banks. That creates tremendous opportunities for CUs to get content relevant to the areas where CUs are going. Credit unions have a real opportunity to learn from the best practices of what other financial institutions are doing."

On the cbanc "exchange," information is currency. Participants earn points by sharing their own intellectual property and pay by drawing on and reviewing the policies and intellectual property of other participants.

"Our anchor feature is the exchange," said Dupuy. "It's very analogous to Amazon, only selling IT through points. No one has to talk to me if they have the points needed."

For really high-value content the points required to access it are higher. The cbanc Network currently boasts 4,556 financial institutions and 10,525 cbanc users.

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