Free services reinvent the lending experience for the local community
GRAND RAPIDS, Michigan, May 10, 2022–(BUSINESS WIRE)–Compliance Systems, the financial industry’s leading provider of modern, dynamic digital compliance documentation, today announced that River City Federal Credit Union has chosen Compliance Systems to automate and streamline its lending processes with built-in compliance. Compliance Systems is working with Hawthorn River and IMM to provide the credit union with a digital banking platform at no cost to its employees and members, including local businesses and community organizations.
River City FCU, based in San Antonio, Texas, is certified as a Community Development Financial Institution (CDFI) and is a Juntos Avanzamos Designated Credit Union. The organization is committed to providing safe and affordable financial services and products to all, including communities that have been historically underserved and are financially vulnerable.
During the pandemic, River City FCU identified a gap in small business lending in financially underserved communities and sought to provide a more inclusive process. “Like many financial institutions in our community, we passed on loan opportunities to small businesses because we lacked the compliance capabilities to process loan transactions,” said Jeff Ivey, President and CEO. of River City FCU. “As financial institutions increasingly focus on serving the underserved, they must consider investing in technology to meet the needs of small businesses. By partnering with Compliance Systems, Hawthorn River and IMM, we are now able to support our mission of ‘people helping people’, providing seamless access to business loans to the most vulnerable in our community.”
With the help of Compliance Systems, the credit union now has the technology to automate compliance processes for business loans, generate documents faster, and increase execution rates for faster funding. Working with Hawthorn River and IMM, the credit union is also able to eliminate disjointed technology and error-prone spreadsheets, provide its bankers with a more efficient lending solution that solves complex operational issues, and provide an improved and more modern e-signature experience that builds member confidence in their financial institution.
“Enabling community financial institutions like River City FCU to help connect financial services to groups that are often underserved is one of the reasons we built our innovative compliance technology. River City FCU highlights the need for credit unions to rethink business lending and community engagement, and we’re proud to work with them to make our solution available to them at no cost. Credit unions that continue to expand their digital strategies will be the ones that not only maintain a central role in their communities, but also build and sustain relationships with members who otherwise might have been left behind,” said Chris Appie, president of Compliance Systems.
For 25 years, IMM has been the premier provider of electronic signature and digital transaction solutions designed exclusively for financial institutions. Today, more than 1,500 banks and credit unions use IMM’s electronic signature and digital transaction management solutions across the institution to improve the consumer experience while streamlining back-office processes in a complete end-to-end digital processing environment.
About the Hawthorn River
Hawthorn River is community banking software built by community bankers. From streamlining the end-to-end lending process to automating specific steps along the way, Hawthorn River helps community banks increase productivity, reduce regulatory risk, and improve the borrower experience. . For more information, please visit www.hawthornriver.com.
About compliance systems
Compliance Systems is the leading provider of dynamic digital compliance content for the financial industry. Its technology efficiently enables deposit, IRA, and loan transactions with configurable content that supports business flexibility and operational efficiency. With over 29 years of experience in financial documentation, Compliance Systems supports over 1,500 banks and credit unions. For more information, please visit www.compliancesystems.com.
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