NBC Bank Selects Wolters Kluwer Financial Services to Comply with Reg E Changes

MINNEAPOLIS--(BUSINESS WIRE)--Wolters Kluwer Financial Services announced today NBC Bank of Oklahoma City, Okla. has selected it to help the bank manage compliance with the Federal Reserve Board’s upcoming changes to Regulation E (Reg E). The changes, which take effect July 1 for new accounts and Aug. 15 for existing ones, require financial institutions to gain approval from consumers before charging overdraft fees on one-time debit card or ATM transactions.

“Community banks like NBC don’t have the resources to meet the Reg E requirements in a timely manner”

NBC Bank has completely outsourced the overdraft fee approval process to Wolters Kluwer Financial Services through the company’s Reg E Opt-in Manager solution. The technology system uses the bank’s account-holder information to create cover letters, opt-in notices, and confirmation of consent notifications. Messages are securely and electronically delivered, or mailed if necessary, to NBC Bank’s customers who can opt-in or out.

Reg E Opt-in Manager also provides a full audit trail of opt-ins and opt-outs that are captured, scanned, imaged, and sent electronically to NBC Bank to track compliance with Reg E. And the bank receives regular reports of all opt-ins and outs. In addition, Wolters Kluwer Financial Services’ warranted compliance documentation helps relieve NBC Bank of any unnecessary risk.

“Community banks like NBC don’t have the resources to meet the Reg E requirements in a timely manner,” said Shelley Gaidaroff, senior vice president and chief operating officer for the bank. “We’re not staffed to continually monitor and track our entire customer base for opt-ins and opt-outs. But by working with Wolters Kluwer Financial Services, we’re confident the process will be quicker, more efficient and allow us to streamline the process internally. We’ll also comply with the regulation while protecting our fee income.”

Gaidaroff added that NBC Bank has trusted Wolters Kluwer Financial Services and a number of its Bankers Systems brand of compliance solutions for nearly a quarter of a century, which made turning to the company for help in complying with the Reg E changes an easy decision.

For more information about Reg E and Wolters Kluwer Financial Services’ Reg E Opt-in Manager solution, visit the company’s Reg E Resource Center at www.WoltersKluwerFS.com/RegE.

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® Mortgage Solutions, PCi, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues (2009) of €3.4 billion ($4.8 billion), approximately 19,300 employees worldwide and operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visitour website, YouTube or follow @Wolters_Kluwer on Twitter for more information about our market positions, customers, brands, and organization.