Published:
Wolters Kluwer Financial Services Ready to Help Institutions Address Federal Reserve Board's Regulation CC Changes
MINNEAPOLIS - (BUSINESS WIRE) - Wolters
Kluwer Financial Services announced today the company can help
financial institutions address the Federal Reserve Board's revisions to
Regulation CC that take effect in early 2010. In mid-October, the
Federal Reserve Board confirmed its plans to consolidate its paper check
processing facilities into one location in Cleveland in early 2010. As a
result, there will no longer be nonlocal checks and funds from those
checks must be made available to customers no later than within two
business days after deposit. This shift will require virtually every
depository institution to revise its funds availability disclosures.
Wolters Kluwer Financial Services' regulatory experts will offer
institutions additional insight into these Regulation CC changes as part
of the company's fee-based, live Webinar, The
Move to One Paper Check-Processing Region: A Reg CC Refresher,
offered on Nov.
18 and Dec.
2.
Wolters Kluwer Financial Services can also make the process of revising
funds availability disclosures easier through several solutions designed
to help institutions rapidly meet the new Regulation CC requirements.
These include standard, up-to-date initial funds availability
disclosures, as well as change notices that generally must be sent to
account owners within 30 days after any policy revisions take effect.
Updated funds availability lobby posters designed by the company are
also available.
In addition, all of Wolters Kluwer Financial Services' deposit software
solutions will be updated to reflect the Regulation CC changes in early
2010.
"The Regulation CC changes will have a significant operational impact on
nearly every depository institution," said Lisa Fraga, vice president
and general manager, Banking Content, Wolters Kluwer Financial Services.
"Our team of compliance experts can use their knowledge and experience
to help institutions understand and address the impact of this
regulatory event quickly and easily."
Fraga also noted the company's professionals have been trained to help
institutions review federal funds availability disclosures to help them
expedite the internal review process. In addition, she said Wolters
Kluwer Financial Services' experts can also help institutions comply
with any one of the numerous bank regulatory changes on the horizon,
including revisions to the Real Estate Settlement Procedures Act,
Regulation Z, Regulation GG and more.
For more information on the Regulation CC changes and Wolters Kluwer
Financial Services solutions, please visit the company's Reg CC Resource
Center at www.WoltersKluwerFS.com/RegCC.
About Wolters Kluwer Financial Services
Wolters
Kluwer Financial Services provides best-in-class compliance,
content, and technology solutions and services that help financial
organizations manage risk and improve efficiency and effectiveness
across their enterprise. The organization's prominent brands include
Bankers Systems, VMP Mortgage Solutions, PCi, AppOne®,
GainsKeeper, Capital Changes, NILS, AuthenticWeb and
Uniform Forms . Wolters Kluwer Financial Services is part of Wolters
Kluwer, a leading global information services and publishing company
with annual revenues of (2008) €3.4 billion ($4.9 billion) and
approximately 20,000 employees worldwide. Please visit our Web
site for more information.
Wolters Kluwer Financial Services
Jennifer Marso, 612-852-7912
Director
of Corporate Communications
Jennifer.marso@wolterskluwer.com
On
Twitter: @JenniferMarso
or
Charles
Miller, 320-240-5457
Senior Public Relations Specialist
Charles.miller@wolterskluwer.com
On
Twitter: @CharlesWMiller
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