CU*Answers, the West Michigan-based CUSO, announced that its PolicySwap website added earlier in 2012 was still going strong. The site, located at http://policyswap.cuanswers.com/ was created with the goal of helping CU*Answers clients reduce each institution’s compliance cost burden. Every policy and procedure shared is reviewed by Audit Link, a part of the CU*Answers Management Services team, so that credit unions know they can be trusted.

For credit unions that are not sure what their BSA policy needs to be, all they need to do is browse the PolicySwap website and select a policy from their peers. If they want to tweak the policy to fit their credit union better they can do that within the site as well. Credit unions using CU*Answers’ CU*BASE^® core platform can even collect CollabRebate points that can be redeemed for cash with CU*Answers if they have policies or procedures that they are willing to share with other credit unions. Per a CU*Answers representative, “It’s just one of the ways CU*Answers rewards its credit union partners for actively collaborating with other credit unions throughout the cuasterisk.com network.” Since its inception, CU*Answers has opened up registration to all credit unions, allowing those outside of the CU*Answers network to participate.

Per Randy Karnes, CEO of CU*Answers, “Credit unions today are subjected to a bewildering number of policies and regulations. PolicySwap is a website for credit unions to collaborate with each other to help simplify the compliance process.” CU*Answers went on to say that over 143 policies had been shared on the site to date, and the CU*Answers CUSO is pushing credit unions to continue to add to the pool.