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Significant Overhead for Banks and Credit Unions Caused by Regulatory Compliance Needs

Question: 
What is the need for Regulation E and who does it benefit?
Answer: 

Regulation E is a CFPB rule that covers, among other things, Electronic Fund Transfer disputes resolution between financial institutions and consumers. Regulation E provides consumer protection. Financial institutions rely on multiple systems and manual processes that are often not integrated to maintain compliance.

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FINBOA takes care of all these issues through an end-to-end digital platform eliminating the need to use multiple systems and manual steps, ensuring timely processing, efficiency, regulatory compliance and reducing overheads. Growing Compliance Regulations are driving the Need for Automation in the Back Office.

Vendor: 

FINBOA's end-to-end process automation eliminates the need to use paper forms and multiple systems that require manual rekeying of data to stay compliant. Manual processes increase the likelihood of regulatory deficiencies, customer frustration, and require time consuming and expensive oversight. The results are delivered via a Cloud offering that reduces time to value to 2 - 4 weeks and TCO by 40%. Time saved allows financial institutions to focus on revenue generation activities. Contact us at 281-503-1233 or marketing@finboa.com. For more information: https://www.finboa.com.

First published on 11/17/2019

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Filed under compliance as: 

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