CUNA Mutual Group: Expands lending technology capabilities†with acquisition of Compliance Systems, Inc.
Compliance Systems Acquisition Enhances CUNA Mutual Group’s Document Processing and Compliance Technology Capabilities
MADISON, Wis. – CUNA Mutual Group today announced the acquisition of Grand Rapids, Michigan-based Compliance Systems, Inc., a privately-held technology company specializing in compliance technology for financial services, to expand the company’s lending technology capabilities.
Compliance Systems is a best-in-class provider of financial transaction technology and compliance expertise. 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.
“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, CUNA Mutual Group. “At the same time, Compliance Systems will continue to expand and grow within the banking and lending industry that they serve today.”
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.
“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.”
Trunzo added, “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.