RedZone Protects to Offer Credit Unions a New CUSO Alternative for Compliance and Risk Mitigation
Annapolis MD, 10/26/21 — RedZone Compliance Services, a premier provider of regulatory compliance and governance solutions, and Launch Credit Union are pleased to announce the formation of RedZone Protects, LLC, an enterprise risk and compliance focused Credit Union Service Organization (CUSO). The CUSO was formed through a collaboration of inaugural investor Merritt Island, Fla.-based Launch Credit Union ($1B in assets; 73,000 members) and RedZone Compliance Services, LLC of Maryland. The CUSO also acquired the financial service industry business portion of Security Compliance Associates (SCA) of Clearwater, Fla., giving it an existing customer base of 160+ credit unions.
This newly formed RedZone Protects CUSO will provide premier information security services solutions to credit unions across the country though the delivery of professional information security assessments and regulatory compliance advisory services. The new CUSO’s broad expertise and decades of experience will assist credit unions in securing and defending their membership and organizations against the ever-evolving threat landscape while helping them comply and remain compliant with growing information and cyber security regulations.
“We felt that the creation of RedZone Protects at this time was appropriate and needed in the credit union industry,” said RedZone Protects CEO Bill Murphy. “Our goal is to assemble the best of the best into this CUSO in providing services to credit unions nationally in the area of governance and regulatory compliance. Over the next year, the CUSO will develop as the go-to vendor in meeting your credit union regulatory requirement. We are excited about what the future will bring.”
“The creation of RedZone Protects was a win, win, win scenario. The credit union industry gained a respected partner/CUSO in an ever evolving space,” said Launch Credit Union President and CEO Joe Mirachi. “Launch Credit Union was offered a unique investment opportunity with a chance to shape the CUSO and RedZone Technologies partnered with an existing client to continue their endeavor of securing the lives of millions of consumers. We are eager to partner and collaborate while serving the needs of credit unions and their member owners.”
“RedZone Protects acquired a majority stake in Security Compliance Associates’ (SCA) financial industry business in September of this year, making it the first credit union-focused business to be integrated into the new CUSO,” said Jim Brahm, former CEO of Security Compliance Associates and now President of RZProtects SCA, LLC. “We are excited about becoming the dominant provider of security compliance services for credit unions. In joining the new CUSO we will continue to bring our long tradition of providing valuable compliance and security services to the Credit Union market as part of the new and enhanced team.”
About RedZone Protects
RedZone Protects focuses on key elements of NCUA and state regulatory-mandated assessments and reviews related to the examinations every institution is required to perform. The CUSO understands and tracks the ever-changing landscape of regulatory compliance, technology, and financial segment trends to position each credit union client in a posture of strength, knowing that they are compliant, secure and PROTECTED. RedZone Protects provides credit unions with regulatory governance and information compliance support. For additional information visit www.redzoneprotects.com.