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Fintech: Consulting Services for the Innovation Age
In today’s environment you must meet your customer’s changing needs. Advancing financial technology or fintech can help you get there. Neobanks, nonbank financials and pioneering financial institutions partnering with or deploying innovative technologies, are subject to various compliance regulations and the costs of noncompliance can be high. Our consultants understand disruptive technologies and advise banks, credit unions, marketplace lenders and others on compliance measures needed to keep pace with emerging trends and changing requirements. Rely on us to do a complete evaluation of compliance programs, identify gaps, and recommend enhancements needed to achieve and demonstrate compliance.
Fintech Solutions
Technology solutions as applied to financial services have transformed the delivery of products and services and created heightened customer expectations - speed, ease of access, efficiency, and automation are the new normal. Engage our consultants to help your institution harmonize the relationship between automation and compliance.
Whether you are a financial institution looking to partner with a FinTech solution or a FinTech firm seeking an independent review of your compliance program and/or your strategic partner’s program, Wolters Kluwer can help.
Compliance Management System (CMS) Reviews
Engage our consultants to review compliance policies, processes, controls, monitoring, reporting, training and systems to develop a gap analysis and actionable recommendations to improve the operational efficiency and overall CMS against the requirements of federal regulators.
Unfair and Deceptive Acts and Abusive Practices (UDAAP) Reviews
A risk-based evaluation of the CMS for alignment with consumer protection principles, including UDAAP, to determine whether it sufficiently monitors, identifies and addresses potential acts or practices that materially increase the risk of consumers being treated in an unfair, deceptive, or abusive manner.
Fair Lending Reviews
A statistical review of a specific dataset to determine potential discrimination on a prohibited basis done by comparing lending patterns to demographics and peers. The Review can also include focal point reviews, conduct regression analysis to identify outliers, and isolate data to assist with comparative file reviews.
Due Diligence for New Partners
A CMS review of strategic partners, including: Fintech partner review, due diligence, CMS review, compliance program diagnostic/gap analysis, vendor management program review, third party risk assessment, compliance program development.
Risk Assessments
An evaluation to identify hazards related to non-compliance with consumer protection regulations due to inadequacy of controls or program gaps.
Policies & Procedures-- Training
Staff and Board training on new regulations and policies and procedures as part of maintaining a strong CMS.
Insights
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Press ReleaseComplianceDecember 12, 2023Wolters Kluwer Indicator Survey highlights growing concerns in U.S. banking industryConcerns reflected in Wolters Kluwer's 2023 Regulatory & Risk Management Indicator survey rose from an index level of 94 in the 2022 survey results to 119 this year, a 25-point increase in risk management and regulatory compliance issue challenges.
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Press ReleaseComplianceJuly 19, 2023Wolters Kluwer experts share insights on the dangers of predatory lending practicesJason Keller and Emily Redig of Wolters Kluwer Compliance Solutions recently shared their insights on how business owners can avoid unscrupulous actors that provide short-term borrowing solutions with unreasonable terms.
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WebinarComplianceMay 18, 2023Top developments driving fair lending compliance right nowOur speakers Paul Hancock and Olivia Kelman provide a comprehensive update on recent Fair Lending activity and discuss what recent regulatory developments might signal in terms of emerging oversight and enforcement measures.
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Press ReleaseComplianceMay 09, 2023Wolters Kluwer offers risk and compliance insights on recent bank failuresRecently published commentary by Wolters Kluwer experts sheds light on several major bank failure causes and warning signs —as well as suggestions for monitoring and better understanding the context in which these kinds of disruptions could unfold.
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