Protect yourself from liabilities, litigation, and reputational damage
Staying current with the ever-changing regulatory environment takes a lot of work. From industry happenings with NSF fees to changes resulting from SECURE Act 2.0, it’s a lot to keep track of. And when the changes multiple lines of business (in this case, Deposit and IRA), it’s hard to budget for, too.
Having incorrect, inconsistent, or outdated compliance content could put you at risk of:
- Fines, loss of revenue, and increased regulatory scrutiny
- Adverse publicity and reputational risk to the good name and position of your institution
- Stretching your front-line teams with additional support tasks of responding to consumer questions about fee and process changes
- Lawsuits and copyright infringements
- Ensuring each of your clients is given the right treatment based on which version of the terms and conditions you most recently communicated to them
- Impacting new client acquisition and retention efforts due to loss of trust
Wolters Kluwer monitors and updates content for both the Deposit and IRA lines of business to align with new regulatory changes and help protect financial institutions from trends we see in case law and other areas of litigation impacting the industry. We have recently updated Deposit Terms and Conditions as well as IRA content incorporating recent legislative and regulatory developments in order to provide financial organizations with ‘peace of mind’ from a compliance standpoint.