Wolters Kluwer Financial Services (WKF) has expressed its desire to help financial institutions prepare to meet the Federal Reserve Board’s (FRB) Regulation C changes that take effect on Oct. 1, 2009. The FRB’s revisions were designed to reduce the regulatory burden on mortgage lenders by synchronizing Regulation C’s higher-priced mortgage thresholds with the Truth-in-Lending Act’s (TILA’s), and help improve the accuracy and usefulness of Home Mortgage Disclosure Act (HMDA) loan data.
WKF has claimed that its CRA Wiz and Wiz Basic software solutions are part of the company’s line of PCi compliance analytics solutions. It can help institutions analyze loans to determine compliance with the Community Reinvestment Act (CRA) and HMDA, either in real-time at the point of sale or in batches for post-closing audits.
The firm has said that its Compliance Management Services professionals are also currently available to help financial institutions update their corresponding risk management policies, and train staff on how the new thresholds will be calculated. In addition, it is expected to help them understand and comply with several new higher-priced mortgage requirements.
Kurt Sames, vice president and general manager of Consumer Compliance at Wolters Kluwer Financial Services, said: “Compliance with the Federal Reserve Board’s new Regulation C changes should be at the top of every lender’s mind right now. By laying the ground work now to meet the requirements that take effect in just two months, they can be sure they’ll be prepared for the regulators’ next visit.”
