League InfoSight and AffirmXCU invest in state association-driven regulatory compliance solutions
LANSING, MI (August 15, 2019) — League InfoSight, a consortium of state credit union associations, has agreed to sell its compliance management system, ComplySight, to AffirmXCU, LLC. The sale includes a combination of cash and stock and a seat on AffirmXCU’s board for League InfoSight. Together, the two compliance management systems serve more than 370 credit unions spanning nearly every state.
ComplySight is a cloud-based SaaS product that enables simple, easy tracking of a credit union’s compliance with federal and state regulations and is particularly well suited for credit unions with in-house compliance expertise. It is used by 237 credit unions in 23 states.
AffirmX offers a hybrid governance, risk and compliance (GRC) suite that melds patented technology with experienced analysts to produce compliance reports for internal and external purposes. It is used by 140 credit unions in 26 states. The product is powered by AffirmX in Frederick, Md. AffirmXCU, LLC owns the credit union industry rights to the platform and partners with AffirmX for servicing and support for all client credit unions.
“League infoSight and AffirmXCU are both passionate about serving credit unions’ compliance needs in close collaboration with, and through, state credit union associations,” said Glory Ledu, League InfoSight CEO. “League InfoSight is fortunate to leverage the local compliance expertise of all our association owners and partners, which is represented in our products (InfoSight and CU PolicyPro). We are extremely excited to have the opportunity to further leverage that expertise and align ComplySight and AffirmX, providing diversity in compliance management system offerings ranging from self-assessment to full-service. Further, this product alignment and joint investment will help bring numerous state leagues together to further collaborate and jointly invest in these products, as well as future ones.”
AffirmXCU Chairman and CEO Dave Adams calls the ComplySight sale and League InfoSight investment in AffirmXCU, LLC a milestone for the industry and for the association community. “State associations have been jointly investing in compliance solutions through League InfoSight for over 16 years with great success,” Adams said. “But as the competitive environment changes and credit union governance, risk and compliance needs become more complex, the need for collaboration and shared product investments has become even more important. State associations understand that delivering free and fee-based compliance support is one of their most valued roles. This new alliance takes that commitment to a much higher level.”
When the deal closes, League InfoSight will continue in its role of enabling and strengthening state associations’ compliance information support as a benefit of affiliation, while AffirmXCU, LLC will expand its role of providing fee-based compliance and GRC solutions at affordable price points with great feature options for credit unions of all sizes delivered through state associations.
About League InfoSight
League InfoSight was created in 2003, the result of a multi-League effort to work collaboratively to provide the best possible compliance resources for member credit unions. The collaborative model is at the heart of League InfoSight and allows the expertise of League/Association partners and stakeholders to be leveraged to develop compliance best practices, evolve technology solutions, and focus on content strength.
League InfoSight was created in January 2003 by the following Credit Union League/Associations: Florida (now includes Alabama and Georgia as the League of Southeastern Credit Unions), Georgia (now part of the League of Southeastern Credit Unions), Michigan, Ohio and Texas (now includes Arkansas, Oklahoma, Kansas and Missouri as the Cornerstone Credit Union League). Since then, the California (and Nevada), Cooperative, Illinois, Iowa, New Jersey (now includes Pennsylvania as CrossState Credit Union Association), New York, Pennsylvania (now includes New Jersey as CrossState Credit Union Association), MD/DC, GoWest (Arizona, Colorado, Idaho, Oregon, Washington and Wyoming) and Maine Leagues/Associations have taken ownership positions in League InfoSight. For more information, visit LeagueInfoSight.com.
About AffirmXCU, LLC
AffirmXCU, LLC is owned by AffirmX (the servicing agent), CU Solutions Group, and five associations (Mountainwest, Cornerstone, Maryland/DC, Indiana, and Connecticut), representing the states of Colorado, Arizona, Wyoming, Texas, Oklahoma, Arkansas, Indiana, Connecticut, Maryland, and the District of Columbia. Powered by AffirmX’s patented technology and compliance analysts, AffirmX offers a full suite of governance, risk and compliance solutions used by more than 120 credit unions in 15 states. Complysight is a turnkey compliance audit software tool that is used by over 180 credit unions across the U.S. AffirmX is led by CEO Ken Wolff, and AffirmXCU, LLC is managed by CU Solutions Group with its CEO Dave Adams also serving as Chairman and CEO. For more information on the AffirmX product suite, visit affirmx.com or contact CU Solutions Group at cusolutionsgroup.com for a product demo or contact Dave Adams, Chairman/CEO, 517-304-7777, dave.adams@cusolutionsgroup.com
