In spite of all the grumbling, lenders agree that many of the regulations on the books today are important and needed to protect consumers and to keep the financial system solvent. However, as banking and finance activities have become more complex, so have the regulations.

Technology is the clear solution to managing processes that could once be handled manually. Certainly technology is preferable to manual methods and is critical to collecting clean data for accurate reporting. The right technology solution can play an important role in helping financial institutions comply with consumer lending regulations while increasing efficiency and reducing costs associated with compliance. Deploying new technology is about more than just getting help with the numerous data capturing, tracking, and reporting tasks associated with compliance.

Lending institutions must view compliance initiatives more strategically and look for technology-based solutions that:

• Automate compliance around the most burdensome regulations;
• Minimize the chance for compliance errors;
• Fill in knowledge gaps for less experienced personnel;
• Create a foundation for complying with future regulatory requirements.