The WolfPAC Integrated Risk Management suite is designed to align with the changing needs and regulatory guidelines of the financial industry. Part of the way we honor our commitment to streamlining the risk management process and enable risk managers is by keeping our solutions up to date with compliance standards through monthly updates to our assessments and functionalities.
This month, in addition to revising and adding questions in the Bank Secrecy Act (BSA), Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) questionnaires, we add two brand new questionnaires to our Regulatory Compliance module! South Dakota State Lending and Retail Laws and NCUA 707 Truth in Savings Act were added to our current state regulatory questionnaires.
The South Dakota State risk assessments focuses on areas where state laws concerning financial institutions differ from federal law in areas such as fees, safe deposit boxes and abandoned property. We advise that all clients using the Regulatory Compliance module that are located in this state include the respective questionnaire when they complete their next regulatory compliance risk assessment.
The NCUA 707 Truth in Savings questionnaires addresses the requirements specific to credit unions such as dividend payouts. We advise that all credit union clients that are currently using the Reg DD: Truth in Savings questionnaire to select the new NCUA 707 option when updating their risk assessment population.
The BSA questionnaire was updated to reflect the new beneficial ownership rules that are set to go into effect on May 11th. The final set of the Mortgage Servicing Rules that concern borrowers in bankruptcy and successors in interest that went into effect on April 19th were updated in the RESPA and TILA questionnaires.
These updates became available on April 9th within the WolfPAC Regulatory Compliance module. If you would like to learn more about how we can assist you in achieving and maintaining compliance as standards continue to change, contact us to speak with one of our experts!