Endorsement now includes TILA-RESPA Tool Kit
Wolters Kluwer Financial Services announced today that Community BancService Corporation, Inc., the services subsidiary of Community Bankers Association of Illinois, has endorsed the company’s tool kit designed to help banks prepare for and manage Truth-in-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure requirements, which go into effect Aug. 1, 2015.
The endorsement is an extension to a longstanding product and services endorsement agreement between the two organizations initiated in January 1988.
Regulatory experts with the company have identified over 400 regulatory citation changes stemming from the new law that will impact bank processes, technology, policies and procedures, vendor relationships, employee readiness, training, and customer service. The TILA-RESPA Tool Kit includes an outline of all the required changes, implementation timelines, project management templates, and other resources needed to prepare for and implement the required changes so banks can continue to do business as of the effective date.
“Wolters Kluwer Financial Services continues to solidify its position as a trusted advisor, helping community banks navigate a complex and ever-changing regulatory environment,” said CBAI President Robert Wingert. “We endorse offerings such as the TILA-RESPA Tool Kit because they have been a leader in preparing community banks for TILA-RESPA implementation, helping ensure our member institutions will be ready to meet the new requirements.”
“Banks of all sizes are feeling overwhelmed by the sheer scope of the regulation and the resource commitment required to prepare for the broad operational impact of the new requirements,” said Lisa Fraga, vice president and general manager, Banking Solutions, Wolters Kluwer Financial Services. “Our software solutions provide customers dynamic technology to address document requirements, but our TILA-RESPA Tool Kit goes beyond required software upgrades and elevates our engagement with customers to provide them needed support so they are ready to meet the requirements on Aug. 1.”