Financial Institution Products (FIPCO), a subsidiary of the Wisconsin Bankers Association, has expanded its endorsed vendor relationship with Wolters Kluwer Financial Services to include Wolters Kluwer's Reg E solutions.
Effective July 1, 2010, for new accounts and August 15, 2010, for existing accounts, the Federal Reserve Board’s amendments to Regulation E will require financial institutions to obtain consumer consent before charging overdraft fees on one-time debit card or ATM transactions.
Wolters Kluwer Financial Services offers institutions a number of Reg E solutions through its Reg E Resource Center. These include: webinars for training staff, consumer education materials, opt-in notices and confirmation of consent notices.
In addition the company offers the Reg E Opt-in Manager, which is built upon an electronic delivery platform and allows institutions to expedite the generation and delivery of opt-in notices to consumers for consent.
Other Wolters Kluwer Financial Services solutions endorsed by FIPCO include the company’s Individual Retirement Account (IRA) documents and services, fair lending compliance software, electronic mortgage document delivery system and anti-money laundering monitoring solution.
Pam Kelly, president of FIPCO, said: “FIPCO serves the Wisconsin Bankers Association’s 300 member banks and savings institutions, many of which offer overdraft protection services to their customers. By working with Wolters Kluwer Financial Services, these financial institutions can streamline the process of reaching out to their customers in accordance with the regulation. They’ll more rapidly comply with the requirements, secure as many opt-ins as possible and retain more fee income.”