Xtend Inc. a multi-owned cooperative CUSO headquartered in Grand Rapids, Michigan, has seen its AuditLink back office compliance monitoring service grow from eight clients at the beginning of the year to a total of eighteen. The CUSO reports that the service is used by credit unions in seven states and ranging in size from $9 million to $225 million.
AuditLink focuses on the repetitive tasks that need to be done every day for the credit union to stay on top of ever-increasing compliance requirements. Activities include reviews of wire transfer logs, BSA reports, Reg D violations, dormancy activity, OFAC scans, SAR reports, and much more. Says Xtend President Scott Collins, “We expected that this service was going to be widely accepted when we rolled it out, but I must admit we are pleasantly surprised that we have seen such a wide variety of partners put us to work supporting their overall compliance program. That tells me that we are delivering a service that is in demand, and doing so at an effective price point.”
Collins added that he expects the service to continue to as many as thirty clients in the next year. Currently, AuditLink supports credit unions in Michigan, New York, Washington, Oregon, Wisconsin, Indiana, and South Dakota.