Technology and strategic collaboration boost Towpath Credit Union’s expanding compliance effort
Tremendous growth and profitability are often accompanied by challenges. Such was the case for the $116 million Towpath Credit Union, an Ohio cooperative experiencing unprecedented demand for its loan products. As the lending program grew, so too did the credit union’s need for a proactive and comprehensive regulatory compliance strategy – one that would cover each of the credit union’s product and service lines.
Towpath and its compliance partner PolicyWorks share the story of the credit union’s journey in a new case study released today. Credit union professionals are invited to download the story.
Much of the story centers on the perspective of Veronica Cromer, Towpath’s Director of Compliance and Risk Management. When Cromer accepted responsibility for building and managing a comprehensive regulatory compliance department, she knew a steep learning curve lie just around the bend. Although she was confident in her lending compliance expertise after spending 30 years with the product, she understood that becoming an expert for every area of the cooperative would be challenging.
“I wanted to become the kind of compliance leader who didn’t just provide a copy of the regulation to a manager, but rather helped and supported our management team with creating or updating policies and understanding how policies impacted procedures,” Cromer shares in the case study. “I wanted managers to be able to come to me with questions and get answers quickly in everyday language.”
Technology has played a major role in Cromer’s quest to become the reliable resource and strategic planner she’d envisioned. ComplySight, a web-based compliance management and tracking tool developed by League InfoSight, is a daily resource that supports her efforts in myriad ways. The technology, combined with assistance from PolicyWorks’ staff in reviewing documents and files in key areas of risk, allows her to feel confident that Towpath is managing compliance requirements in a responsible manner.
“When I took on this role, I thought it was going to be a nightmare,” admits Cromer. “I laugh when I think back on the spreadsheet I tried to make to keep everything organized. Imagine my relief when I logged on and saw it was all right there.”
Cromer sums up her reliance on technology by saying: “No one can go it alone in today’s regulatory environment. I’m sharing what I know in hopes it helps more credit union executives feel confident in their strategic compliance.”