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.
About Compliance Systems, Inc.:
Compliance Systems, Inc. (Compliance Systems) leads the market in providing dynamic compliance documentation and technology to effectively document deposit, IRA, and loan transactions in the financial services industry. Compliance Systems’ products leverage a single, data-driven system to assemble accurate deposit, lending, and IRA accounts that are covered under the best compliance warranty in the industry. Learn more at www.compliancesystems.com.
About CUNA Mutual Group
CUNA Mutual Group is a financially strong insurance, financial technology and investment company. For generations, we’ve partnered with credit union leaders to protect and grow their businesses, and help people plan, protect and invest for their future. CUNA Mutual Group offers commercial and personal insurance products; lending and payment security solutions; and retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.