NEWS: America’s Credit Unions has announced that it is discontinuing its Credit Union Compliance Management System (CU CMS) at year-end.
Just four years ago, we told you that CUNA (which has since merged with NAFCU to form America’s Credit Unions) was launching CU CMS in Wisconsin and around the country. CU CMS was meant to help organize compliance tasks and to offer information on federal and state regulations. The League summarized various Wisconsin laws for CU CMS publication, to help support the cooperative credit union movement.
However, in an email to The League last week, America’s Credit Unions notified us that it “will be sunsetting our product, CU CMS. … [A]ll current CU CMS users will continue to have uninterrupted access to their build through December 31, 2024, and America’s Credit Unions will continue to provide content for CU CMS through the end of 2024. … America’s Credit Unions’ compliance team will continue to provide updates on finalized rules and amendments affecting credit unions through the Compliance Blog as well as final regulation summaries.”
The change was prompted by the sale of Quantivate, a compliance software company that administered CU CMS. Another company, Ncontracts, bought Quantivate last December. “This acquisition meant there would no longer be support of the CU CMS platform after 2024,” America’s Credit Unions told us. Instead, Ncontracts offers a system called Ncomply, which America’s Credit Union now endorses as the recommended compliance management tool for its members.
It has been unclear how many Wisconsin credit unions tried or may be actively using CU CMS, which was free for members of America’s Credit Unions. We do know that at least two Wisconsin credit unions subscribed to CU CMS+, a for-fee version with more functionality.