FIS Unveils e-learning Suite for New CFPB Rule Compliance

Proquest LLC

As part of its aggressive work keeping financial institutions on top of regulatory developments, compliance and risk management, FIS, a provider of banking and payments technology, announced that it has launched a financial services industry e-learning suite that will train financial institutions to comply with new Consumer Financial Protection Bureau (CFPB) rules coming into effect next month.

According to a release, beginning in January 2014, all U.S. banks, credit unions, mortgage companies, consumer finance companies, loan servicers and other financial services institutions will face new regulations from the CFPB, as part of various Dodd- Frank Act provisions. Included in those regulations are new rules for mortgage loan originators (MLOs) employed by federally insured depository institutions to be fully trained on state laws.

FIS' suite of 15 e-learning programs is the first to train a financial institution to fully comply with all new CFPB regulations and will be available automatically to FIS' Regulatory University clients.

"In such a highly regulated industry and environment, it's vital that financial services companies can quickly and effectively train their staff," said Sai Huda, senior vice president and general manager, Enterprise Governance, Risk and Compliance (EGRC) Solutions, FIS. "FIS' comprehensive solution helps institutions avoid fines, penalties and other exposures from noncompliance with CFPB rules. It also is the first to cover the state law and regulation training requirement and contains a one-of-a-kind 300- page student guide covering all 50 states and the District of Columbia."

Financial services companies not currently subscribing to FIS' e- learning solution can sign up for Regulatory University by visiting fisglobal.com/EGRC.

FIS provides enterprise governance, risk and compliance solutions to more than 5,000 financial institutions across the country, using best-practices-based modeling that ensures enterprise risk management and regulatory compliance proficiencies now and in the future. Its combination of more than 150 risk management experts across all areas of risk and tools have made FIS a highly trusted resource for financial institutions as well as regulatory agencies, who provide examiner training using FIS experts and solutions. And FIS software solutions, including Early Risk Manager, Compliance Risk Indicator, Prime AML, CallReporter and more, enable institutions of all sizes to mitigate risk.