Cost of Compliance Contest Winners Announced

3rd Place Winner, Jordon Modell, CEO accepts an award

3rd Place Winner, Jordon Modell, CEO accepts a Cost of Compliance Contest 2014 award for Internet Archive FCU

Today at CU*Answers Annual CEO Strategies Conference Randy Karnes, CEO announced the winners of the first contest to derive a cost of compliance template for the network. Contest participants were tasked to create a template that provides a standard way of accounting for a credit union’s overall costs associated with compliance related activities and a plan to implement it in 2015.  “Nine credit unions participated in the contest and the decision to pick three was not an easy one”, said Karnes.  He went on to say, “Last year during this event you through down the gauntlet and many of you stated the cost of compliance was killing you.  CU*Answers took that as a challenge for the network and today I have the pleasure of giving you the tools to actually measure and quantify that statement in the future.”

The Cost of Compliance Contest is actually two contests that CU*Answers has put up $10,000 in prize money.  The winners of the first of the two contests include:

1st place
Pathways Financial Credit Union, Columbus OH – Greg Kidwell, President

2nd place
Kalsee Credit Union, Kalamazoo MI – Amber Stevens, CFO
3rd place
Internet Archive Federal Credit Union, New Brunswick NJ – Jordon Modell, CEO

Beginning January 1, 2015, the second contest begins and will revolve around the application of the templates in a real world environment in which compliance expenses are actually accounted for and recognized on the income statement. CU*Answers will announce the winners at next year’s Annual Leadership Conference held in June.

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