As more institutions move to digital delivery solutions, compliance management has increased in complexity. Today, banks and credit unions expect a compliance solution to:

• Provide timely solution updates to meet current rules and regulations;
• Adhere to all applicable rules and policies;
• Control and enforce adherence to existing regulations; and
• Provide proof for audit purposes.

Well-designed digital solutions provide institutions with regulatory support through a combination of analytics, data quality, data source, configuration, policy, rules, process management, and compliance expertise.

As an example, loan applications deemed to be HMDA-reportable require capturing necessary HMDA loan and demographic data that is then associated with the corresponding loan application. Automated solutions ensure compliance by saving these data points, translating them as necessary into acceptable data types for the HMDA Loan Application Register (LAR). This systematic process provides financial institutions with identified HMDA reportable loan applications, restricting review and edit functionality to designated personnel before finalizing the LAR.

ARGO’s Connects solution takes this process a step further by enabling institutions to both remain in compliance today and meet all evolving regulatory expectations in the future. To accomplish this, ARGO employs a customer compliance task force staffed with experienced team members who hold certifications spanning financial services, compliance, and legal. The task force stays abreast of all current, new, and emerging developments in federal regulations, acts, and guidance by attending conferences and monitoring alerts from key regulatory agencies including the Federal Reserve Bank (FRB), Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Association (NCUA), and the Federal Deposit Insurance Corporation (FDIC).

With the combined experience, leadership, certifications, and compliance development monitoring, a solid team of compliance experts maintain Connects, providing institutions with the confidence to know they are truly meeting all regulatory compliance requirements.

For more information, view the “ARGO Connects, Reducing Risk in the Omni-channel Delivery Environment” interview brief.