GRAND RAPIDS, Mich.--CU*Answers, a 100% credit union-owned core processor to nearly 200 credit unions nationwide, has announced its second Cost of Compliance Contest will officially begin on Jan. 1, 2015. The initial contest was held earlier in 2014 and set credit unions with the task of creating a template for measuring expenses related to compliance.
Sponsored by its compliance division, AuditLink, entrants for the second contest must select one of the winning templates or create their own and submit a report that details how their credit union used the template to account for the cost of compliance, and whether that cost has placed a substantial financial burden on the credit union.
A total of $5,000 will be awarded to contest winners at the CU*Answers Annual Leadership Conference in June 2015. “This is the second of a two-part cooperative endeavor by CU*Answers to raise awareness throughout our industry of what this over-reaching regulatory environment is doing to both financial statements and the overall return to our members,” said Jim Vilker, VP and Leader of the AuditLink division. “Saying that the cost of compliance is killing our industry may be true, but without quantifying that cost it will fall on deaf ears.”
The three winners of the first content were announced at the November CEO Strategies conference and awarded $5,000 in total prizes. The winning templates were chosen as having the most comprehensive outline and offered the best tool set and methodology for others to use for the day-to-day accounting of compliance-related costs.
The next phase is putting these templates to use from an operational perspective and raising awareness of decision-makers and, ultimately, regulatory bodies, the company said. “
The contest is open to all network clients and ends on June 5th, 2015. To view the templates visit http://auditlink.cuanswers.com/.