Regulation E Amendment: Banker's Toolbox Prepared to Help Community Financial Institutions

Banker's Toolbox Adds Features to Help Wire Automation Clients Comply With the New Final Remittance Rule Before the Upcoming February 2013 Deadline


AUSTIN, Texas, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Banker's Toolbox, a leading provider of risk management solutions for community financial institutions, is taking the Regulation E amendment challenge head-on, adding new standard features to WirePro, the industry's leading end-to-end solution for wire automation, to help comply with the new consumer protection rule before it goes into effect on Feb. 7, 2013. WirePro is already known for its features like wire fraud prevention, customer notification, and real time posting, and is also proving to be valuable for meeting new regulatory expectations.

The new rule from the Consumer Financial Protection Bureau (CFPB) is designed to protect consumers sending remittance transfers to a foreign country by requiring financial institutions to provide accurate disclosures that include details such as accurate exchange rates, fees, and the exact amount delivered to the beneficiary. The challenge for community financial institutions is when foreign wires are processed through multiple correspondents unknown to the originating institution, making precise data difficult to gather.

With the mission of helping community financial institutions to maintain regulatory compliance, Banker's Toolbox is enhancing the WirePro software with new standard capabilities. Among the features being added are qualification criteria and logic to determine when a wire falls within the scope of Regulation E, and the ability to print templates for the required disclosures directly from the wire input screen. WirePro customers also will have a new report of wires classified as Regulation E along with a logged record of when and who generated the disclosure documents for audit purposes.

Banker's Toolbox CEO Daniel Cho relates why staying ahead of government regulations is so important, "When I first founded the company it was out of a desire to make co-workers' lives better, their jobs easier. One of the hardest, most complex things people in the financial industry deal with is ever-changing government regulations, like Dodd-Frank and the Consumer Protection Act. If we want to accomplish what we set out to do we have to continually meet and exceed regulators expectations, and do it in a way community financial institutions can remain profitable. Our efforts with Regulation E are just an extension of that basic desire to make customers happy."

About Banker's Toolbox, Inc.

Austin, TX-based Banker's Toolbox, Inc. helps community financial institutions manage risk and streamline compliance examinations. The company's product suite consists of proven solutions for money laundering detection and reporting, risk management through fraud and kite prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment. The Banker's Toolbox team is a unique combination of seasoned bankers, former regulators, and information technology consultants who specialize in designing, developing, and implementing risk management solutions while providing unparalleled customer service. For more information, visit the company's website at

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