CBSC, Continuity Control, and Young & Associates Partner to Modernize Regulatory Compliance for Illinois Community Banks Compliance Partnership Sets New Standard for Community Banks Nationwide
SPRINGFIELD, Ill., Feb. 5, 2013 /PRNewswire/ -- Community BancService Corporation, Inc. (CBSC), a subsidiary of the Community Bankers Association of Illinois (CBAI), today announced its partnership with and "preferred provider" endorsement of Continuity Control, the only complete compliance platform for community banking. Together with CBAI's long-term partner Young & Associates, Inc., a compliance consultant to community financial institutions, the three organizations have created a reference model for community banks, fundamentally changing the economics of compliance.
"Community banks have been challenged by burdensome regulations for years, and the compliance requirements have markedly increased as a result of the financial crisis that has plagued our profession since 2008. This new partnership, along with the Community Bankers for Compliance (CBC) and CBC Plus programs will give community banks a complete and efficient way to deal with the rigors of regulatory compliance. This multifaceted approach will provide tremendous compliance support for community banks for many years to come," said Bob Wingert, CBAI President.
Mike Kelley, CBSC President, noted, "Continuity Control has created a new compliance system that addresses today's volatile regulatory environment. It's not just a Dodd Frank solution, but a program designed to sustainably weather the compliance burden today and into the future. Community bankers can insulate themselves from the cost of regulatory change and thrive by adopting this new regulatory compliance standard."
Young & Associates, Inc., a CBAI education partner for 28 years, provides a highly efficient and cost-effective way to help community banks perform audits through its alliance with Continuity Control. In addition to the tremendous amount of time saved by bank staff, Young will be able to perform many client audits remotely, instead of physical visits, thereby saving time and travel expenses, with the savings being passed along to client banks.
"Banks rely on us for our insight, but before the Continuity Control platform the only way for them to get it was on-site delivery, with all of the associated overhead costs of travel. Any reduction in travel costs can only serve to benefit our clients, our consultants and our efficiency. We have always prided ourselves on being part of the solution," said Jim Kleinfelter, president and senior consultant, Young & Associates, Inc. "We are solving the problem and offering a modern way to lower costs by tapping into Continuity Control for remote auditing capabilities."
"Future-minded bank leaders are looking to change the economics of managing compliance. We applaud CBSC, CBAI, and Young & Associates for taking steps to bring compliance management up to speed with the changing regulatory environment. Community bankers realize their resources are better used serving their clients rather than manually keeping up with hundreds of annual rule changes," says Andy Greenawalt, Founder and CEO of Continuity Control. "This partnership has created an opportunity for Illinois community banks to lead the nation in fundamentally changing compliance management."
About CBSC (Community BancService Corporation, Inc.)
A subsidiary of Community Bankers Association of Illinois (CBAI), CBSC aggregates the "clout" of CBAI member banks to negotiate lower costs and provide improved access to essential bank products and services. CBSC recommends products and services that assist banks with income-production, expense reduction, consulting, marketing, compliance, equipment, insurance, lending, A/L management and payments. Before the CBSC board of directors awards any program an exclusive partnership, it is subjected to a rigorous due diligence review that includes extensive testing by members, occasionally by independent experts, and negotiation of special member-only benefits. This process typically takes up to six months. Today, CBAI members use an average of more than five CBSC preferred providers. Last year, members collectively saved nearly $ 1.5 million in purchasing discounts from CBSC-recommended firms. Contact CBSC today and share in the savings.
About Young & Associates
Young & Associates, Inc. is a team of management consultants who provide consulting, outsourcing, and educational services to community financial institutions nationwide and overseas. They offer a wide array of products and services, covering all the major areas of banking, such as risk management, capital planning, strategic planning, mergers and acquisitions, internal audit, branching and expansion, loan review, information technology, human resources, marketing, and regulatory compliance. Through affiliations with state and national banking associations, Young & Associates, Inc. provides educational seminars and on-line training that provide practical solutions and valuable insight into the issues you face with the ever-changing banking industry.
About Continuity Control
Continuity Control is an award-winning compliance platform that combines advanced software with personalized service to help community financial institutions effectively manage their regulatory burden. Founded in 2008 by distinguished technology, banking, and compliance specialists, Continuity Control's platform effectively reduces the resources a bank or credit union must spend on compliance while ensuring that it passes regulatory muster. Built just for community banks and credit unions, Continuity Control is the most comprehensive compliance management platform on the market today for community financial institutions. For more information, visit www.continuity.net.
SOURCE Continuity Control