FCCS News & Insights

Ongoing Regulatory Changes Challenge Compliance

Remaining in compliance with FCA, federal and state regulations is foundational to responsible Farm Credit operations, but it requires constant vigilance because regulations and their interpretation continually change. Passkey Partner Wolters Kluwer offers a centralized approach to regulatory compliance with greater control, efficiency and certainty.

Download the Full Article

“Staying on top of when and how the state and federal rules change and exactly how those changes affect your business is an ongoing and time-consuming process,” says Mary Beth Sommer with Wolters Kluwer. “Reg Manager automates regulatory tracking with powerful search algorithms enhanced by both human compliance experts and powerful AI.”

Reg Manager tracks federal and state regulations and changes and collects them into a Regulatory Library that is available to clients for research and review. Regulatory Alerts then deliver daily updates of relevant regulatory changes, based on the system’s continual tracking of more than 50 different types of communications from monitored regulatory bodies.

“Of course, FCA would be included, but other organizations like USDA or EPA could also issue regulations that impact Farm Credit or its customers,” says Mary Beth. “At the state level, especially for Farm Credit associations that cover more than one state, the challenge of staying abreast of regulations is even greater.”

In addition to tracking new and changing regulations themselves, Reg Manager also documents the steps taken within the organization to implement necessary changes to meet each regulatory update, supporting clear reporting to management and examiners.

“Reg Manager reduces compliance risk by proactively delivering relevant and actionable regulatory updates so Farm Credit organizations can make necessary adjustments to remain in compliance with changing rules,” says Mary Beth.

Reg Manager was designed specifically for the financial sector and can provide great value to Farm Credit organizations. For more information about Reg Manager or other Wolters Kluwer solutions, contact Mary Beth Sommer at 312-952-2340 or via email.