National Association of Federal Credit Unions (NAFCU) Services has expanded its preferred partner relationship with Wolters Kluwer Financial Services to include its consumer lending and deposit solutions in addition to its member business lending products.
Wolters Kluwer Financial Services will now provide NAFCU member credit unions with access to the company’s consumer lending and deposit solutions, including its ComplianceOne and ARTA lending and deposit solutions, as well as its loan and deposit account agreements and compliance disclosures.
The company’s products are designed to help credit unions efficiently manage loan and deposit transactions, reduce risk and maintain compliance with federal and state regulatory requirements in all 51 US jurisdictions.
David Frankil, president of NAFCU Services, said: “Credit unions face an onslaught of consumer-oriented regulations that can severely strain their resources. By working with Wolters Kluwer Financial Services, they can reduce the burden of compliance and streamline operations, allowing them to spend more time focused on their members’ needs.”
Lisa Fraga, vice president and general manager of banking at Wolters Kluwer Financial Services, said: “Monitoring the ever-changing regulatory environment continues to be a challenge for credit unions. Wolters Kluwer Financial Services offers a range of consumer deposit and lending products to help them stay on top of regulatory changes and simplify compliance.”
NAFCU Services is a subsidiary of the National Association of federal credit unions, which serves approximately 800 federal credit unions throughout the US.