Wolters Kluwer Financial Services announced today 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 an efficient and cost-effective method for managing state and federal compliance law governing consumer finance, indirect lending and mortgage lending.
CompliSource is comprised of individual modules containing comprehensive 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.
Community banks and other financial institutions can now purchase just one CompliSource module or as many as they need to help comply with the regulatory requirements in the states they do business in, making the solution more affordable to them.
In addition, the banks will 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," said 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."