As part of its aggressive work keeping financial institutions on top of regulatory developments, compliance and risk management, FIS™ (NYSE: FIS), the world's largest provider of banking and payments technology, announced today that it has launched the financial services industry's first comprehensive e-learning suite that will train financial institutions to comply with new Consumer Financial Protection Bureau (CFPB) rules coming into effect next month.
Beginning in January 2014, all U.S. banks, credit unions, mortgage companies, consumer finance companies, loan servicers and other financial services institutions will face new regulations from the CFPB, as part of various Dodd-Frank Act provisions. Included in those regulations are new rules for mortgage loan originators (MLOs) employed by federally insured depository institutions to be fully trained on state laws.
FIS' suite of 15 e-learning programs is the first to train a financial institution to fully comply with all new CFPB regulations and will be available automatically to FIS' Regulatory University clients.
"In such a highly regulated industry and environment, it's vital that financial services companies can quickly and effectively train their staff," said Sai Huda, senior vice president and general manager, Enterprise Governance, Risk and Compliance (EGRC) Solutions, FIS. "FIS' comprehensive solution helps institutions avoid fines, penalties and other exposures from noncompliance with CFPB rules. It also is the first to cover the state law and regulation training requirement and contains a one-of-a-kind 300-page student guide covering all 50 states and the District of Columbia."