More than two years after the Dodd-Frank Act (DFA) went into effect, many financial institutions are beginning to experience the complexities of managing compliance with the growing list of regulations that are being set forth. The increasing pressure has been gradual. But as the financial industry once again braces for more change with the mortgage reform requirements scheduled to take effect January 2013, many financial institutions are looking for ways to meet these new compliance expectations successfully, without a drastic increase in operating costs.
ATTUS Technologies, Inc., an affiliate company of Computer Services, Inc. (CSI) (OTCQX: CSVI) and the leading regulatory compliance solutions provider, has introduced six new DFA planning and mortgage reform compliance self-assessment modules to its Managed Compliance Service. The Dodd-Frank Mortgage Reform Managed Compliance Modules provide a comprehensive compliance assessment that’s dedicated to helping institutions successfully navigate each key section of the regulations, defining the effect on the institution and how best to prepare for the new rules in advance of the effective dates.
“Dodd-Frank compliance has created a new area of significant concern for the financial industry, and compliance demands get harder to meet and more expensive,” said Paul Reymann, ATTUS’ chief risk officer. “We thought it just made good sense to reverse that trend and provide institutions with the resources to make it easier and more cost-effective. The six modules we’ve added to our Managed Compliance Service provide much needed self-assessment tools, intelligence and ATTUS’ expert support to thoroughly assess and maintain compliance practices with new and existing rules as they continue to change.”
The six modules complement the DFA Planning module ATTUS released in April 2012. ATTUS now delivers seven modules to address each of the key mandates under Title XIV of the Dodd-Frank Act, which are:
- DFA Planning;
- Residential Mortgage Loan Origination Standards;
- Minimum Underwriting Standards;
- High Cost Mortgages;
- Mortgage Servicing;
- Appraisal Requirements; and
- Mortgage Resolution and Modification.
Each module is delivered with intelligent workflow, content and resources that financial institutions need to jump-start compliance and simplify the overall process. The modules also are backed by ATTUS’ team of regulatory experts, giving financial institutions access to knowledgeable, experienced professionals.
“As a company dedicated to simplifying compliance and assisting our customers in maintaining a high level of success and profitability, we realize the importance of focusing on the regulatory and compliance needs of financial institutions well in advance of local or national deadlines,” said Tom Fedell, ATTUS’ president and general manager. “By expanding our solutions, we can deliver innovative tools that aid banks and credit unions in managing compliance more cost-effectively, and we back these offerings with expert individuals dedicated to supporting customers every day, every step of the way.”
ATTUS Managed Compliance Service provides financial institutions with a cost-efficient process for managing day-to-day compliance with the much needed expertise, intelligent content, and automation to achieve and maintain a compliant and examination-ready state. You may learn more about the ATTUS Dodd-Frank Mortgage Reform Managed Compliance Modules by visiting www.attustech.com.
About ATTUS Technologies, Inc.
ATTUS Technologies, Inc. is an industry leader in software and services for regulatory compliance, homeland security and fraud prevention. ATTUS serves more than 5,000 clients comprised of Financial Services, Insurance, Software, Healthcare, Pharmaceuticals, Energy & Utilities, Wholesale Goods, Travel & Leisure, Real Estate, Non-profit, Retail and more. ATTUS’ solutions provide compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), the Bureau of Industry and Security (BIS), anti-money laundering regulations, the Bank Secrecy Act (BSA), Regulation CC and Regulation E. ATTUS, a wholly owned subsidiary of Computer Services, Inc., is based in Charlotte, N.C. For more information about ATTUS, visit www.attustech.com.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation. Technology planning, personal account management and world-class customer service explain why CSI is known as one of the nation’s premier providers of technology solutions for the financial services industry. CSI’s stock is traded on the OTCQX under the symbol CSVI. CSI is based in Paducah, Ky. For more information about CSI, visit www.csiweb.com.