CU tackles compliance challenges with teamwork
Compliance demands increase as CU grows.
As Greenwood Credit Union in Warwick, R.I., continues to grow and add products and services, its compliance demands increase correspondingly.
To cope, the $470 million asset credit union turns to teamwork and partnerships, says CEO Fred Reinhardt.
Greenwood recently was approached to offer banking products related to Marijuana Related Businesses (MRB) in accordance with the state’s medical marijuana program. While this presented an opportunity, it also added an element of risk.
Before serving MRBs, the credit union established a program that allowed it to serve these businesses while complying with regulatory requirements and best practices. It designed its policies, procedures, risk assessments, and other tools to manage the risks involved with MRB accounts.
As a result, Greenwood can provide banking services to an underserved market while managing the risk and compliance requirements.
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