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Compliance Compass: update on data match agreement


Paul Guttormsson,
League  Regulatory Counsel

In June, The League urged credit unions to wait to sign an agreement with the Wisconsin Department of Workforce Development for data matching.


Since then, at the urging of The League and other interested stakeholders, the DWD has agreed to change the terms of its new Unemployment Insurance Financial Record Match contract.


The League has withdrawn its objections to the new contract; however, credit unions must understand the consequences of choosing between the two options for conducting data matches.


It appears that most credit unions opt to send data to the state for conducting other mandated matches. Credit unions that instead choose to do the matches themselves need to understand that they are agreeing to some burdensome contract provisions.


For details see this August 4 Compliance Courier (login required).


Questions? Contact me at (262) 408-6009.

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