The New Jersey-based credit union, with $3.1 billion AUM, will implement Continuity’s RegAdvisor Pro and RegControls to make its compliance management more efficient. RegAdvisor Pro analyzes and summarizes regulatory changes; monitors the federal register for new issuances; and provides policy review, updates, and board approval using pre-built procedures. RegControls offers pre-built procedures for consumer compliance, BSA/AML, lending operations, deposit operations, and Community Reinvestment Act and Fair Lending compliance.
Affinity selected Continuity because of its “strong presence and reputation in the industry.” The credit union will use the new tools to analyze regulations, implement compliance actions, monitor activity, and create reports. Olivia Leach, compliance officer at Affinity, said, “Continuity’s technology takes the guess work out of compliance by helping us to easily determine how regulations impact us, and then supporting associated implementation and training actions. The platform assigns different tasks to the appropriate employee, boosting accountability and transparency of the overall compliance management process.”
Affinity has onboarded its marketing and PR, loan administration and consumer lending, and mortgage origination divisions to Continuity. “Compliance touches everything, which is why it’s a priority for us to maintain a strong and pervasive culture of compliance. Continuity provides employees with detailed steps for understanding and applying compliance management to their daily functions, making the entire process easier and delivering new levels of transparency,” added Leach.
Headquartered in Connecticut, Continuity’s solutions serve hundreds of financial institutions across the U.S. and its territories. The company debuted at FinovateSpring 2010. In addition to partnerships with Iberia Bank and Apple Bank announced earlier this year, Continuity received a Marcum Tech Top 40 Award in 2017.