Wolters Kluwer Financial Services has announced that it expanding the reach of its CompliSource to the community banking marketplace.
The company said that the tool which was previously only available to larger lenders, now offers community banks a new method for managing state and federal compliance law governing consumer finance, indirect lending and mortgage lending.
The company also said that 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 application more affordable to them.
According to the company, the banks will also have access to CompliSource’s new CompliTrack functionality, which was introduced to the financial services marketplace in February 2009, and helps alert and educate institutions about pending legislation that could eventually become law.
Kevin Kopp, senior director and general manager of indirect lending at Wolters Kluwer Financial Services, said: Today’s ever-changing set of federal regulatory requirements are compounded by the numerous state laws community banks have to comply with. 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.
