How Have Truth-in-Savings Regulations Affected Software Development?

American Banker, March 15, 1993 | Go to article overview

How Have Truth-in-Savings Regulations Affected Software Development?


JOHN PERKNER

Director/product development Barnett Banks Inc. Jacksonville, Fla.

THE SYSTEMS IMPACT OF REG DD ON a bank like Barnett is significant and costly. The changes impact three primary areas: calculation of the annual percentage yield, redesign of customer notices and statements, and enhancement of the on-line platform system to provide appropriate sales documentation and effective customer service.

Although implementation is delayed until June, amendments are currently pending and final commentary will not be received until the end of this month or later.

We expect more changes beyond the proposed amendments. These changes will, of course, require more systems modifications, customer notification, training, and cost. It would benefit all concerned if implementation were delayed so the banks and regulators could do it right the first time.

PATRICIA C. NIE

Vice president of compliance United New Mexico Bank Albuquerque

WE ARE IN THE PROCESS OF evaluating any software package we can find to provide the necessary disclosure reports.

We are concerned because we have 60 branches from which we'll have to be in compliance. For this reason, we feel new PC-based software is the best way to go.

There will be additional software maintenance and updating required, but we're used to it because we use loan software throughout the bank to comply with that set of regulations and we've had to deal with updates on that software.

HAL ANDREWS

VP/software sales and marketing Bankers Systems Inc. St. Cloud, Minn.

WE ARE A COMPANY THAT DEVELOPS compliance software. So from the software developer's perspective, in some respects this is just another regulation to which we have to apply our resources.

But in another respect, because the deadline is so near and because the regulation is so complex, it is a challenge.

A lot of bankers -- especially community bankers -- previously thought they didn't need to automate their new accounts area. Instead, they just let the customer service representatives take the information by hand.

But now, with this new regulation requiring compliance reports, these bankers are realizing that it's getting complex, and they want to automate.

That's meant we've taken orders for thousands of systems. We've been working literally round the clock to ensure we'll meet our deadlines.

CHUCK COHN

VP and marketing director Bank of America San Francisco

REGULATION DD IMPACTS CONSUMER products broadly. While today Bank of America is in compliance with the spirit of the regulation, to come into compliance with all of the detailed aspects requires significant changes to our accounting and delivery systems. …

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