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 Military Lending Act and NACHA questionnaires, we will be adding two brand new questionnaires to our Regulatory Compliancemodule! Maryland State and New Hampshire State Lending Laws have been added to our twelve current state regulatory questionnaires.
The Maryland State Law risk assessment focuses on areas where state laws concerning financial institutions differ from federal law, notably the definition of high-cost loans, state specific disclosures, interest rates, and fees. The New Hampshire State Law risk assessment will also focus on areas that differ from federal law. We advise that all clients using the Regulatory Compliance module that are located in either of these states include the respective questionnaire when they complete their next regulatory compliance risk assessment.
The Military Lending Act is updated to include changes made regarding interest rate percentage limits and expansion of the type of credit products covered by the regulation. The NACHA questionnaire will be adding questions regarding same day ACH transactions.
These updates will be available on September 30th 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!