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Compliance Tool Kit for Lenders Gains Traction

Wolters Kluwer Financial Offers Red Flag Rules Tool Kit

Minneapolis, Minn. - (Sept. 3, 2008) Tiffin St. Joseph Federal Credit Union of Tiffin, Ohio recently became one of 45 credit unions, and one of more than 180 financial institutions, to sign up for Wolters Kluwer Financial Services’ Red Flag Rules Tool Kit since the company began offering the solution in July. Nearly 1,000 financial institutions have now turned to Wolters Kluwer Financial Services to help comply with the new requirements through the Tool Kit and the company’s comprehensive suite of Red Flag Rules solutions and services, which was launched in May.

“The tool kit is perfect because it gives us everything we need to comply with the new Red Flag Rules,” said Derek Sidor, chief technology officer for Tiffin St. Joseph. “You can’t help but understand the requirements after you’ve gone through the training videos and presentations. And the policies and procedures tool gave us the basics of what we need to do to create our own compliance program specific to the credit union.”

Sidor added that because the credit union uses several other Wolters Kluwer Financial Services compliance solutions for its deposit line of business, he’s confident in the ability of the Tool Kit to help the credit union meet the new Red Flag Rules.

“During past regulatory audits, we’ve always been able to prove to examiners how we’re complying with requirements using Wolters Kluwer Financial Services’ solutions,” said Sidor. Wolters Kluwer Financial Services’ Red Flag Rules Tool Kit offers credit unions and other financial institutions a convenient tool kit to help them build and implement an effective identity theft prevention program that meets the Fair and Accurate Credit Transactions (FACT) Act’s new Red Flag Rules that take effect Nov. 1, 2008.

The company’s Tool Kit offers credit unions and other financial institutions:

· Streamlined Red Flag Rules policy development through the company’s PRINGLE Policies & Audit Procedures software, which includes a sample Red Flags policy that institutions can tailor to their own specific requirements;
· Specially designed Red Flags forms and checklists for assessing the impact and risk related to the new requirements, as well as tracking Red Flag responses; and
· Employee training via instructional videos and a self-directed learning module on the Red Flag Rules from the Wolters Kluwer Financial Services’ Compliance University course library.

Each solution in Wolters Kluwer Financial Services’ Red Flags Tool Kit is available separately, but the complete Tool Kit offers institutions several advantages, including cost savings and the benefit of having all the essential resources for Red Flag Rules preparation in one complete package.

Wolters Kluwer Financial Services also offers credit unions and other financial institutions Wiz Sentri: Red Flags, an automated “Customer Identification Program” (CIP) verification and fraud detection solution to effectively detect and respond to Red Flags for both new and existing member accounts.

SOURCE: Wolters Kluwer Financial Services
Western District of Washington

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