Wolters Kluwer Financial Services says Community BancService Corp. Inc., the services subsidiary of Community Bankers Association of Illinois (CBAI), has endorsed the company's tool kit designed to help banks prepare for and manage Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) integrated disclosure requirements, which go into effect Aug. 1, 2015.
The endorsement is an extension to a long-standing product and services agreement between the two organizations initiated in January 1988.
Regulatory experts have identified over 400 regulatory citation changes stemming from the new law that will impact bank processes, technology, policies and procedures, vendor relationships, employee readiness, training and customer service.
The TILA-RESPA tool kit includes an outline of all the required changes, implementation timelines, project management templates and other resources needed to prepare for and implement the necessary changes, allowing banks to continue doing business as of the effective date.
‘Banks of all sizes are feeling overwhelmed by the sheer scope of the regulation and the resource commitment required to prepare for the broad operational impact of the new requirements,’ says Lisa Fraga, vice president and general manager of banking solutions for Wolters Kluwer Financial.
‘Our software solutions provide customers dynamic technology to address document requirements, but our TILA-RESPA tool kit goes beyond required software upgrades and elevates our engagement with customers to provide them needed support so they are ready to meet the requirements on Aug. 1,’ Fraga adds.