Montana Bank Gets Reg Headache Relief

Article excerpt

Byline: John Adams

Getting up to speed with regulations is starting to get to Matt Spillman.

"The regulatory risk is now greater than ever," says Spillman, the president of Bank of Billings in Montana. "It's really tough to find good direction and good information that is broken down into common sense for a banker."

The $54 million-asset bank has turned to outside help, licensing a Wolters Kluwer product called ComplianceOne to make the management of loan documents easier.

The software is updated by Wolters Kluwer remotely as regulations change or are updated.

"As soon as we log in, as long as we upload the updates, we know our forms are in compliance with both federal and state regulations," Spillman says.

"Smaller banks like ours can't afford a compliance officer," he says.

Wolters Kluwer deploys lawyers and compliance analysts who monitor changes in federal and state banking laws and regulations and update the interface so the forms are up to date when bank staffers fill out loan documents, ask consumers for information, or distribute statements and reports to consumers and other parties.

Bank of Billings must follow state regulations and a slate of federal ones, such as the Real Estate Settlement Procedures Act and Regulation Z, that are being revised to accommodate changes to credit risk and loan disclosure requirements. …