CUNA Network Services, RSM McGladrey to Offer Web Compliance Services to Credit Unions

August 13, 2001

FOR IMMEDIATE RELEASE
Contact: Tom Dunn
(608) 231-4002
tdunn@cuna.com

MADISON, WI — CUNA Network Services has signed a memorandum of understanding with RSM McGladrey, the leading credit union compliance firm in the country, to bring web compliance services to credit unions.

"While credit unions do a good job of ensuring their hard copy marketing materials are in compliance, they often overlook web content," says Doug Benzine, senior vice president of CUNA Network Services. "As the NCUA begins to focus more attention on the eCommerce arena, credit unions must be prepared to address these issues as they relate to their own eCommerce initiatives or face the costs of noncompliance."

According to statistics gathered by RSM McGladrey, over 95 percent of credit union websites do not comply with a myriad of regulatory requirements, including:

• Truth in Lending/Truth in Savings Disclosures
• Electronic Signature Act
• Equal Credit Opportunity Act
• NCUA Requirements
• Home Mortgage Disclosure Act
• Nondeposit Investment Product Requirements
• Regulation E
• Regulation CC
• Privacy

"We are very excited to be working with CUNA Network Services," says John Zasada, national director of credit union compliance counseling for RSM McGladrey. "Our experience and expertise means we can provide credit unions with the most comprehensive and cost-effective assessment possible."

RSM McGladrey is an accounting, tax and consulting firm with more than 100 offices, nationwide. In addition, they train NCUA and state examiners on compliance requirements, including web compliance.

For more information on web compliance services, contact Beth Griffin at (800) 356-9655, ext. 4114.

CUNA Network Services provides efficient, advanced online business and communication products and services exclusively to the credit union movement. Its mission is to develop technology and delivery systems for future credit union e-commerce initiatives, allowing credit unions of all sizes to provide competitive e-commerce solutions to their members.

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