MADISON, Wis.—CUNA Mutual Group has announced the acquisition of Compliance Systems, Inc., a privately held technology company specializing in compliance technology for financial services. CUNA Mutual said the acquisition will expand its lending technology capabilities.
“The Grand Rapids, Mich.-based Compliance Systems is a best-in-class provider of financial transaction technology and compliance expertise,” CUNA Mutual Group said.
The company provides technology that enables delivery of loan, deposit, and other transaction content in adherence with compliance regulations. Compliance Systems’ solutions complement CUNA Mutual Group’s long-running LOANLINER business that credit unions utilize to stay on top of regulatory changes related to their transaction content, according to CUNA Mutual.
“Our vision is to transform and modernize our existing document services, elevating our ability to support the needs of credit unions through a simpler and more accessible solution for our customers,” said Robert N. Trunzo, president and CEO of CUNA Mutual Group, in a statement. “At the same time, Compliance Systems will continue to expand and grow within the banking and lending industry that they serve today.”
More Than 1,400 FIs Use Solutions
With more than 25 years of experience, Compliance Systems currently supports content configuration, data analytics, and compliance risk management for more than 1,400 U.S. financial institutions with a warranty to cover all 50 states and the District of Columbia, according to CUNA Mutual.
“We’re excited to work alongside CUNA Mutual Group to bring Compliance Systems’ technology to credit unions,” said Dennis Adama, president and CEO, Compliance Systems. “The opportunity to bring our solutions to more than 5,600 credit unions, on top of our current growth trajectory in the industry, provides us with a path to grow very rapidly.”
Added Trunzo, “This acquisition positions CUNA Mutual Group for the future and facilitates the growth of our existing business, while adding new innovative technologies, capabilities, and offerings to our portfolio.”
Terms of the transaction were not disclosed.