Wolters Kluwer Launches Regulation Z One Stop Shop
Wolters Kluwer Financial Services went live with a Web site the Minneapolis-based firm says will help loan originators better understand changes to Regulation Z and the Truth in Lending Act (TILA). The Reg Z Resource Center Web site offers information on the nuances of the recently changed legislation, as well as information on future changes currently under consideration. The site follows other similar resource centers for Fair and Accurate Credit Transactions (FACT) Act “red flags” and the Real Estate Settlement Procedures Act (RESPA). “The resource centers are designed to be a single point channel for a bank, credit union or mortgage lender to go and get the information they need, whether it’s in a plain language format where our attorneys interpret the language and try to 'consumerize' it so it is more easily understood or providing a link out to the language,” Lisa Fraga, Wolters Kluwer vice president and general manager of banking said in an interview with HousingWire. Recent and upcoming changes to Regulation Z include new guidelines on escrow account requirements. The financial services provider also offers guidance on the changes to disclosure requirements to existing credit card and consumer open-end lending accounts, as well as for new higher-priced mortgages. Many of these changes were made in October, and the new proposals drew the industry's ire and left some asking questions. The information on the Web site is free and openly accessible, though firm also uses the site to promote its compliance software. Fraga added that Wolters Kluwer plans to launch other resource Web sites for the Internal Revenue Service’s (IRS) regulations on Individual Retirement Account (IRA) form 5305; Regulation E, a Federal Deposit Insurance Corp. (FDIC) rule on electronic funds transfer; and Regulation CC, a Federal Reserve regulation on check collections. “The flood of regulatory events is very overwhelming and we want to ease the burden by providing these centers,” Fraga said. Write to Austin Kilgore.