Small Banks Have a Big Compliance Problem

Small Banks and Credit Unions have a big problem:  Vendor Compliance Solutions Don’t Serve Small Banks and Credit Unions

The OCC mandates that every bank and credit union must continuously monitor its vendors in a risk-appropriate manner.

Companies that market solutions to this compliance challenge avoid smaller institutions because of a lack of margin.

Trust Exchange is a Global Top-50 RegTech solution that scales to the smallest community banks and credit unions, without a reduction in function.

What makes a local credit union or bank so attractive to a consumer is that the organization is closely woven into the community. A customer can walk through the front door and be known by her face, rather than her account number. Being small leverages the important neighborly relationship. Being small has its disadvantages though. The biggest is the regulatory burden levied on them after the 2008 financial crisis.

The Dodd-Frank Act of 2010 was designed as a vehicle for the protection of consumers. Regardless of your opinion of the over act, there was an unfortunate consequence. The broadly written regulations struck a deep blow to smaller institutions. In the case of the newly-directed vendor monitoring, as mandated by the OCC, the cost of compliance took an exponential jump in both money and time.

Seven years later, it is a dilemma that leaves your institution the choice between NOT being able to handle the compliance workload in-house, or NOT being able to afford the assistance of an appropriate vendor monitoring service. You need to look at Trust Exchange.

Trust Exchange is a cloud-based, full-service, enterprise-grade platform for vendor compliance monitoring in the financial services.

The average small credit union or bank that uses the Trust Exchange platform maintains a pool of 40-60 vendors and saves $20-50K per year.

Our Customer Success team can complete implementation in a matter of days, rather than weeks or months. Are you in a hurry?

Trust Exchange clients have passed 100% of all audits (without reservation) from both state and federal regulators.

We take care of our clients. 100% of Trust Exchange clients have renewed their contract.

Trust Exchange WILL save you money and time in your mission to remain in compliance with OCC requirements. What do you need?