CUNA Mutual Group Partners with DocuSign on eSignature Solution for Credit Unions
DocuSign’s eSignature Solution Increases Member Convenience and Helps Credit Unions Maintain Compliant Lending Practices
SAN FRANCISCO – August 21, 2012—DocuSign, the global standard for eSignature, and the CUNA Mutual Group, the leading provider of financial services to credit unions, today announced a partnership to provide credit unions with easy, fast, and secure electronic signature solutions to speed the lending process and provide options in the wake of recent regulations on Multi-Featured Open-End Lending.
“We’ve partnered with DocuSign because the ease of use, speed and convenience of the eSignature solution will help credit unions meet their members’ needs in electronic channels,” said Dan Murray, vice president, CUNA Mutual Group. “It provides exceptional member convenience without sacrificing compliance, something that is especially important to credit unions looking to add closed-end lending to their current lending program on the heels of the recent NCUA letters.”
DocuSign’s partnership with CUNA Mutual Group will help credit unions:
- Earn interest faster – DocuSign helps credit unions get loan documents completed faster to earn interest sooner
- Eliminate “Not In Good Order” – DocuSign’s guided, error-proof signing means complete documents every time
- Meet compliance requirements – DocuSign helps credit unions control the signing process to ensure all data remains secure and every transaction includes a complete audit trail
- Delight members – Members can open accounts and apply for loans in minutes anywhere, anytime, on any device without a trip to the credit union
The agreement between CUNA Mutual and DocuSign comes shortly after the National Credit Union Administration (NCUA) issued its guidance letters on Multi-Featured Open-End Lending (MFOEL) and Multi-Featured Lending. The NCUA clarified that open-end and closed-end lending are two distinct regimens and each require their own application, timing requirements and disclosures for the member-borrower. DocuSign is uniquely positioned to help credit unions ensure compliance for both types of lending while maintaining the same type of member convenience associated with a MFOEL program.
“CUNA Mutual has served as a trusted business partner to credit unions for more than 75 years,” said Keith Krach, chairman and CEO of DocuSign. “With our partnership, CUNA Mutual Group is bringing the global standard for eSignature to credit unions across the country so their members can quickly, easily and securely DocuSign anything, anytime, anywhere—from new member applications and loan documents, to account beneficiary forms and more.”
Many credit unions are already using CUNA Mutual Group and DocuSign products to effectively address lending compliance. Alliant Credit Union of Chicago, the seventh largest credit union in the nation with more than 280,000 members and assets exceeding $7 billion, uses DocuSign for loan processing and compliance: “The cost savings, speed and convenience of DocuSign have made a significant, positive impact on our business,” said Ericka Gorman, project manager at Alliant Credit Union. “DocuSign has paid for itself multiple times over. DocuSign makes it easy to accelerate our business and delight our customers.”
DocuSign and CUNA Mutual Group will host a series of educational webinars designed to offer credit unions insights, best practices and practical methods to comply with the new NCUA regulations.
About DocuSign Inc.
DocuSign® is the leader in eSignature transaction management, and the global standard for eSignature®. DocuSign helps customers accelerate transaction times to increase speed to results, reduce costs, and delight customers with the easiest, fastest, most secure global network for sending, signing, tracking, and storing documents in the cloud. For more information, visit www.docusign.com or call 877.720.2040. Visit the DocuSign blog at www.docusign.com/blog and follow DocuSign on Twitter, LinkedIn and Facebook.
About CUNA Mutual Group
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.