Fidelity National Information Services (FIS), a US-based developer of banking and payments technologies, has launched two new regulatory e-learning offerings.
According to the company, its offerings will educate financial institution leaders on: the new Dodd-Frank Wall Street Reform & Consumer Protection Act and its strategic impact to financial services institutions; and Fair Credit Reporting Act (FCRA) compliance. These solutions are designed specifically to help financial institutions meet current compliance requirements.
The Dodd-Frank Wall Street Reform & Consumer Protection Act was signed into law by President Barack Obama on July 21, 2010 and applies to every financial services institution operating within the US, including banks, credit unions, credit card, mortgage and consumer finance companies, mortgage brokers, payday lenders, debt collectors and other entities. The act changes the operating environment and supervision of financial services institutions.
According to FIS, its e-learning offering, Dodd-Frank Wall Street Reform & Consumer Protection Act: What Every Financial Institution Must Know, provides a walkthrough of each act provision from a strategic vantage point for board of directors and members of management. It includes impact analysis, risk management and strategic planning recommendations.
The Fair Credit Reporting Act (FCRA) Information Furnishers Rule, which became mandatory July 1, 2010, requires that each entity establish policies and procedures to ensure accurate reporting of consumer credit information to credit bureaus, as well as timely investigation and resolution of consumer disputes. The rule mandates training of appropriate staff to ensure compliance. The deadline was July 1, 2010 and failing to comply with the rule can result in civil money penalties up to $2,500 per violation, regulatory enforcement action and other liabilities.
FIS’ FCRA e-learning offering, FCRA for Information Furnishers, is an online course that can be customized within minutes to incorporate policies and procedures that are unique to each institution.
Kay Nichols, executive vice president for channel solutions at FIS, said: “FIS is pleased to launch these unique e-learning solutions that will have such a positive impact in helping institution leaders understand these new pieces of legislation.
“FIS’ compliance e-learning solutions can quickly and easily help everyone at the institution, ranging from the board of directors to frontline staff, understand how the new laws will impact them strategically, so they can remain proactive and comply with new legislation.”