However, these directives are often a costly and time-consuming burden for banks. To help ensure online compliance initiatives remain effective while minimizing the potential resource drain on the institution, Watchfire, a provider of enterprise software and services to manage online risk, today announced the availability of a new Banking Compliance module.

Banking Compliance is a module of Watchfire WebXM, a solution that automates the scanning, analysis and reporting of online security, privacy, quality and compliance issues across corporate web properties.

From advertising trigger terms to rate disclosures, from web linking relationships to customer identification programs, the Banking Compliance module analyzes web content and verifies that language and items on the website comply with federal consumer protection requirements including the Equal Credit Opportunity Act, the Truth in Lending Act and the Truth in Savings Act.

Given the pace in which website content changes, the risk of noncompliance is great. A single regulatory violation, or a widespread pattern of violations, can lead to negative outcomes such as increased regulatory scrutiny, fines, lower ratings, restricted activities, lawsuits and brand damage. Banks need solutions to minimize these risks and satisfy regulator expectations for ongoing compliance monitoring. The WebXM Banking Compliance module provides measurable information that compliance and legal professionals, internal auditors and e-business executives require to self-assess and self-correct their most intricate online regulatory problems.

"Today, banks face increasing internal control challenges as regulations and industry guidelines that affect their daily operations continue to multiply. These challenges are only compounded in the dynamic online channel," said Peter McKay, president and CEO, Watchfire. "Watchfire has taken its significant experience in the financial services market and developed a new Banking Compliance module to automate the cumbersome and daunting process of identifying online compliance risks specific to the banking industry for faster resolution and prevention."

The WebXM Banking Compliance module is designed to help identify issues relating to each of the following regulations/legislation. Reports can be customized to an organization's own specifications and legal interpretations:

Consumer Protections: Non-deposit Investments

Electronic Fund Transfer Act

Equal Credit Opportunity Act

E-Sign Act

Expedited Funds Availability Act

Fair Housing Act

FDIC Membership Advertisement

Home Mortgage Disclosure Act

NCUA Insurance Advertisement (for credit unions only

OFAC Sanctioned Countries

Truth in Lending Act

Truth in Savings Act

USA PATRIOT Act: Section 326

Weblinking Relationship Protection

In addition to specific banking regulations, the WebXM platform provides a wide range of compliance reporting via the Privacy and Security modules. Banks striving for overall compliance will utilize these additional modules for comprehensive Gramm-Leach-Bliley (GLBA) or Children's Online Privacy Protection (COPPA) management.