Minneapolis, Minnesota-based ""Wolters Kluwer Financial Services"":http://www.WoltersKluwerFS.com announced last week that the company 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 means for managing state and federal compliance law governing consumer finance, indirect lending, and mortgage lending.
Kevin Kopp, senior director and general manager of indirect lending for Wolters Kluwer Financial Services, explained, ""Today’s ever-changing set of federal regulatory requirements are compounded by the numerous state laws community banks have to comply with. This is especially true as they grow their businesses and expand into other states.""
According to Kopp, the company's CompliSource technology can help community bankers satisfy regulatory requirements already in place, and can grow with changing needs in the future. CompliSource is comprised of individual modules for federal and each state's lending laws. Community banks and other financial institutions can now purchase just one CompliSource module or as many as they need to comply with regulatory requirements in their states of business. According to Wolters Kluwer, this customizable approach makes the solution more affordable for smaller institutions.
In addition, community banks will now 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.