Fis (NYSE:FIS), one of the world's largest providers of banking and payments technology, today announced that it has launched two new e-learning offerings to educate financial institution leaders on the new Dodd-Frank Wall Street Reform & Consumer Protection Act and its strategic impact to financial services institutions.
FIS has also extended support of its e-learning solution for Fair Credit Reporting Act (FCRA) compliance. These solutions are the first in the nation that are designed specifically to help financial institutions meet current compliance requirements.
The Dodd-Frank Wall Street Reform & Consumer Protection Act was signed into law by President Barack Obama on July 21, 2010 and applies to every financial services institution operating within the United States, including banks, credit unions, credit card, mortgage and consumer finance companies, mortgage brokers, payday lenders, debt collectors and other entities. The act significantly changes the operating environment and supervision of financial services institutions. The FIS e-learning offering,Dodd-Frank Wall Street Reform & Consumer Protection Act: What Every Financial Institution Must Know, provides a walkthrough of each act provision from a strategic vantage point for board of directors and members of management. It includes impact analysis, risk management and strategic planning recommendations.
The Fair Credit Reporting Act (FCRA) Information Furnishers Rule, which became mandatory July 1, 2010, applies to over 19,000 financial institutions, credit card, mortgage and consumer finance companies, debt collectors and other entities and requires that each entity establish policies and procedures to ensure accurate reporting of consumer credit information to credit bureaus, as well as timely investigation and resolution of consumer disputes. The Rule mandates training of appropriate staff to ensure compliance. The deadline was July 1, 2010 and failing to comply with the Rule can result in civil money penalties up to $2,500 per violation, regulatory enforcement action and other liabilities. FIS' FCRA e-learning offering,FCRA for Information Furnishers, is an online course that can be customized within minutes to incorporate policies and procedures that are unique to each institution.
"FIS is pleased to launch these unique e-learning solutions that will have such a positive impact in helping institution leaders understand these new pieces of legislation," said Kay Nichols, executive vice president, Channel Solutions, FIS. "Due to FIS' recent acquisition of Compliance Coach, we have expanded our overall compliance offerings and can help financial services institutions navigate the compliance spectrum instead of solely relying on software checks and balances. FIS' compliance e-learning solutions can quickly and easily help everyone at the institution, ranging from the board of directors to frontline staff, understand how the new laws will impact them strategically, so they can remain proactive and comply with new legislation."