Cooperative CUSO and core data processor, CU*Answers announced at their November 2014 CEO Strategy Conference the winners of the first CU*Answers Cost of Compliance contest. Now CU*Answers is wrapping up the entry period for its second Cost of Compliance contest. The first contest focused on developing a template to account for the cost of regulatory compliance and the second contest has credit unions apply a template and document its success.

CU*Answers will award a total of $5,000 to three credit unions that best implement a cost of compliance template into their operations. “Until credit unions can prove to NCUA the expense associated with regulatory compliance and the need to change the current system, we will fail in designing new, innovative means of completing the examination process,” said VP of Professional Services, Jim Vilker.

Last year’s winners were Pathways Financial Credit Union, Kalsee Credit Union and Internet Archive Federal Credit Union. To learn more about the second Cost of Compliance contest and enter, visit http://www.cuanswers.com/solutions/auditlink/.