Wolters Kluwer Financial Services is expanding the reach of its CompliSource solution to the community banking marketplace. The tool, which was previously only available to larger lenders, now offers community banks a method for managing state and federal compliance law governing consumer finance, indirect lending and mortgage lending.
CompliSource is composed of individual modules containing information about state and federal laws governing mortgage lending, consumer direct lending and indirect consumer finance. Using this information, financial institutions can proactively respond to legislative changes and reduce the risk of non-compliance with them while increasing productivity, Wolters Kluwer Financial Services says.
Community banks and other financial institutions can now purchase a single CompliSource module or multiple modules as needed to help comply with the regulatory requirements in the states in which they do business.
The banks will also have access to CompliSource's new CompliTrack functionality, which was introduced to the financial services marketplace in February and helps alert and educate institutions about pending legislation that could eventually become law.
"Today's ever-changing set of federal regulatory requirements are compounded by the numerous state laws community banks have to comply with," says Kevin Kopp, senior director and general manager of Indirect Lending for Wolters Kluwer Financial Services. "This is especially true as they grow their businesses and expand into other states. CompliSource is a tool that can give them what they need to meet regulatory requirements today and grow with their changing needs in the future."
SOURCE: Wolters Kluwer Financial Services