News

Software helps FIs comply with I.D.-theft rule

July 23, 2008

SAN DIEGO — Compliance Coach Inc., provider of automated regulatory compliance solutions to the financial-services industry, says Harland Financial Solutions Inc. is expected to start marketing its CompliancePal software.

According to a news release, CompliancePal is a software solution that enables financial institutions to comply with the FACT Act Identity Theft Red Flags Rule, a federal regulation that imposes new responsibilities on businesses to prevent consumer identity theft. The expected impact of the rule is broad, affecting every bank, credit union, mortgage lender, auto dealer, credit-card lender, payday lender, utility company, phone company, and any consumer or small business lender in the country.

The compliance deadline is Nov. 1, 2008, and failure to comply can lead to legal action.

CompliancePal is a Web-based software that walks the user through a series of questions and produces the required risk assessment and dectection-repsonse features, as well as a compliance-status report.

The software is updated regularly for new identity-theft schemes and red flags.