As banking and finance activities have become more complex, so have the regulations. Having the right technology solution is key to reducing the consumer lending compliance burden.
Lenders have long been on the receiving side of rigorous oversight and scrutiny from legislators and regulators. The last 10 years in particular have resulted in an unprecedented number of additional mandates requiring banks and other financial institutions to commit an ever-growing amount of resources to regulatory compliance.
According to an American Banker poll, the implementation of the Financial Services Regulatory Relief Act in 2006 did little to relieve the sense of regulatory burden felt by lenders. Rather, the impression is that the burden is increasing.
This white paper will review some of the key pain points associated with selected regulations, and explore how technology can help to lessen this burden.
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