League InfoSight, a consortium of state credit union associations, has agreed to sell its compliance management system, ComplySight, to AffirmXCU, LLC. The sale includes a combination of cash and stock, and a seat on AffirmCU’s board for League InfoSight. Together the two compliance management systems serve more than 370 credit unions spanning nearly every state.
ComplySight is a cloud-based SaaS product that enables simple, easy tracking of a credit union’s compliance with federal and state regulations and is particularly well suited for credit unions with in-house compliance expertise. It is used by 237 credit unions in 23 states.
AffirmX offers a hybrid Governance, Risk and Compliance suite that melds patented technology with experienced analysts to produce compliance reports for internal and external purposes. It is used by 140 credit unions in 26 states. The product is powered by AffirmX in Frederick, MD. AffirmXCU, LLC owns the credit union industry rights to the platform and partners with AffirmX for servicing and support for all client credit unions.
“League infoSight and AffirmXCU are both passionate about serving credit unions’ compliance needs in close collaboration with and through state credit union associations,” said League InfoSight CEO Glory LeDu. “League InfoSight is fortunate to leverage the local compliance expertise of all our association owners and partners, which is represented in our products (InfoSight and CU PolicyPro ). We are extremely excited to have the opportunity to further leverage that expertise and align ComplySight and AffirmX, providing diversity in compliance management system offerings ranging from self-assessment to full-service. Further, this product alignment and joint investment will help bring numerous state leagues together to further collaborate and jointly invest in these products, as well as future ones.”
AffirmXCU Chairman and CEO Dave Adams calls the ComplySight Sale and League InfoSight investment in AffirmXCU, LLC a milestone for the industry and the association community. “State associations have been jointly investing in compliance solutions through League InfoSight for over 16 years with great success. But as the competitive environment changes and credit union GRC needs become more complex, the need for greater collaboration and shared product investments has become more critical.
State associations understand that delivering free and fee-based compliance support is one of their most valued roles. This new alliance takes that commitment to excellence to a much higher level.”
When the deal closes, League InfoSight will continue in its role of enabling and strengthening state associations’ compliance information support as a benefit of affiliation while AffirmXCU, LLC will expand its role of providing fee-based compliance and GRC solutions at affordable price points with great feature options for credit unions of all sizes delivered through state associations.