CapitalSource Bank taps Wolters Kluwer for regulatory compliance

Wolters Kluwer Financial Services announced today that CapitalSource Bank, a wholly-owned subsidiary of CapitalSource (NYSE: CSE), has selected the company's deposit account-opening disclosures and its online account-opening agreements for use with its customers.

According to Chad Gordon, assistant vice president of Retail Banking Operations with the bank, both the disclosures and the agreements are providing the financial institution with the assurance it can comply with all applicable regulatory requirements while saving time and money.

"We're extremely confident from a compliance standpoint that all of the information within the documents is up-to-date," said Gordon. "We knew Wolters Kluwer Financial Services would get the job done quickly and efficiently, allowing us to focus internal resources on other initiatives. We believe the presentation and straightforward approach in their documentation would also be well received by the consumer trying to make sense of bank legalese and disclosure language."

Gordon added that Wolters Kluwer Financial Services is extremely responsive in updating the disclosures and agreements, providing the bank with fast updates to compliance content and other information when needed from a regulatory or marketing standpoint.

"We can't say enough about how easy it is to make changes to the documents and how confident we are that the information within them will be accurate and compliant," said Gordon.

"The current bank regulatory landscape is changing by the day and financial institutions are genuinely concerned about their ability to stay on top of it all," said Lisa Fraga, vice president and general manager of Banking Content for Wolters Kluwer Financial Services. "The attorneys and compliance analysts, many of whom are former bankers and regulators, at Wolters Kluwer Financial Services have the experience and knowledge necessary to help our customers rapidly respond to regulatory change. That allows them to spend less time on compliance and more on growing revenue through meeting their customers' needs."