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
