Share

More than 180 Financial Institutions Now Using Tool Kit to Comply with New Requirements

MINNEAPOLIS, Sep 03, 2008 (allCUnews) -- Tiffin St. Joseph Federal Credit Union of Tiffin, Ohio recently became one of 45 credit unions, and one of more than 180 financial institutions, to sign up for Wolters Kluwer Financial Services' Red Flag Rules Tool Kit since the company began offering the solution in July. Nearly 1,000 financial institutions have now turned to Wolters Kluwer Financial Services to help comply with the new requirements through the Tool Kit and the company's comprehensive suite of Red Flag Rules solutions and services, which was launched in May.
"The tool kit is perfect because it gives us everything we need to comply with the new Red Flag Rules," said Derek Sidor, chief technology officer for Tiffin St. Joseph. "You can't help but understand the requirements after you've gone through the training videos and presentations. And the policies and procedures tool gave us the basics of what we need to do to create our own compliance program specific to the credit union."

Sidor added that because the credit union uses several other Wolters Kluwer Financial Services compliance solutions for its deposit line of business, he's confident in the ability of the Tool Kit to help the credit union meet the new Red Flag Rules.

"During past regulatory audits, we've always been able to prove to examiners how we're complying with requirements using Wolters Kluwer Financial Services' solutions," said Sidor.

Wolters Kluwer Financial Services' Red Flag Rules Tool Kit offers credit unions and other financial institutions a convenient tool kit to help them build and implement an effective identity theft prevention program that meets the Fair and Accurate Credit Transactions (FACT) Act's new Red Flag Rules that take effect Nov. 1, 2008.

The company's Tool Kit offers credit unions and other financial institutions:
-- Streamlined Red Flag Rules policy development through the company's PRINGLE(R) Policies & Audit Procedures software, which includes a sample Red Flags policy that institutions can tailor to their own specific requirements;
-- Specially designed Red Flags forms and checklists for assessing the impact and risk related to the new requirements, as well as tracking Red Flag responses; and
-- Employee training via instructional videos and a self-directed learning module on the Red Flag Rules from the Wolters Kluwer Financial Services' Compliance University(TM) course library.
Each solution in Wolters Kluwer Financial Services' Red Flags Tool Kit is available separately, but the complete Tool Kit offers institutions several advantages, including cost savings and the benefit of having all the essential resources for Red Flag Rules preparation in one complete package.
Wolters Kluwer Financial Services also offers credit unions and other financial institutions Wiz Sentri(TM): Red Flags, an automated "Customer Identification Program" (CIP) verification and fraud detection solution to effectively detect and respond to Red Flags for both new and existing member accounts.

For more information on Wolters Kluwer Financial Services' entire suite of Red Flag Rules solutions and services, as well as the latest news and developments tied to the new requirements, please visit the company's Red Flags Resource Center at www.wolterskluwerfs.com/redflagsinfo.
About Tiffin St. Joseph Federal Credit Union

The Tiffin St. Joseph Federal Credit Union is a full service member owned cooperative, established to serve the members' financial needs. The Credit Union provides affordable financial products and services to the members in a personal manner, while remaining a financially sound and stable organization.

About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization's prominent brands include Bankers Systems, VMP(R) Mortgage Solutions, PCi, GulfPak, Desert Document Services(R), AppOne(R), GainsKeeper(R), Capital Changes, NILS and AuthenticWeb(TM).

Wolters Kluwer Financial Services' solutions include integrated and stand-alone compliance and workflow tools, documentation, analytics, authoritative information and professional services. Customers include banks, credit unions, mortgage lenders and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of 3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.WoltersKluwer.com for information about our market positions, customers, brands and organization.

SOURCE: Wolters Kluwer Financial Services
Wolters Kluwer Financial Services
Charles Miller, 320-240-5457
Senior Public Relations Specialist
Charles.miller@wolterskluwer.com