FIS Launches Industry’s First Comprehensive e-learning Suite for New CFPB Rule Compliance

  FIS Launches Industry’s First Comprehensive e-learning Suite for New CFPB
  Rule Compliance

Key facts

  *FIS’ e-learning suite is the first in the industry to cover the myriad of
    Consumer Financial Protection Bureau (CFPB) rules becoming effective in
    January 2014.
  *New CFPB Regulation Z contains a provision for banks and credit unions to
    train mortgage loan originators (MLOs) on state laws beginning in January
    2014.
  *Comprised of 15 training programs, FIS’ e-learning suite contains the
    industry’s first state law training program for MLOs employed by federally
    insured banks and credit unions.

Business Wire

JACKSONVILLE, Fla. -- December 19, 2013

As part of its aggressive work keeping financial institutions on top of
regulatory developments, compliance and risk management, FIS™ (NYSE: FIS), the
world’s largest provider of banking and payments technology, announced today
that it has launched the financial services industry’s first comprehensive
e-learning suite that will train financial institutions to comply with new
Consumer Financial Protection Bureau (CFPB) rules coming into effect next
month.

(Photo: Business Wire)

(Photo: Business Wire)

Beginning in January 2014, all U.S. banks, credit unions, mortgage companies,
consumer finance companies, loan servicers and other financial services
institutions will face new regulations from the CFPB, as part of various
Dodd-Frank Act provisions. Included in those regulations are new rules for
mortgage loan originators (MLOs) employed by federally insured depository
institutions to be fully trained on state laws.

FIS’ suite of 15 e-learning programs is the first to train a financial
institution to fully comply with all new CFPB regulations and will be
available automatically to FIS’ Regulatory University clients.

“In such a highly regulated industry and environment, it’s vital that
financial services companies can quickly and effectively train their staff,”
said Sai Huda, senior vice president and general manager, Enterprise
Governance, Risk and Compliance (EGRC) Solutions, FIS. “FIS’ comprehensive
solution helps institutions avoid fines, penalties and other exposures from
noncompliance with CFPB rules. It also is the first to cover the state law and
regulation training requirement and contains a one-of-a-kind 300-page student
guide covering all 50 states and the District of Columbia.”

Below are the training programs, listed by CFPB rule effective dates:

Jan. 1, 2014

  *Regulation Z Registered MLO State Training
  *Regulation Z Loan Originator Compensation
  *Regulation Z Loan Originator Qualifications

Jan. 10, 2014

  *Regulation Z Ability-to-Repay and Qualified Mortgage Rules
  *Regulation Z High-Cost Mortgages
  *Mortgage Servicing Introduction
  *Mortgage Servicing Collections
  *Mortgage Servicing Customer Inquiries and Complaints
  *Mortgage Servicing Early Intervention
  *Mortgage Servicing Escrow Accounts and Force-Placed Insurance
  *Mortgage Servicing Loss Mitigation and Foreclosure
  *Mortgage Servicing Payment Processing and Account Maintenance
  *Mortgage Servicing Transfers

Jan. 18, 2014

  *Regulation B Appraisals
  *Regulation Z Higher-Priced Mortgage Loans

Financial services companies not currently subscribing to FIS’ e-learning
solution can sign up for Regulatory University by visiting
www.fisglobal.com/EGRC.

FIS provides enterprise governance, risk and compliance solutions to more than
5,000 financial institutions across the country, using best-practices-based
modeling that ensures enterprise risk management and regulatory compliance
proficiencies now and in the future. Its combination of more than 150 risk
management experts across all areas of risk and proven tools have made FIS a
highly trusted resource for financial institutions as well as regulatory
agencies, who provide examiner training using FIS experts and solutions. And
FIS software solutions, including Early Risk Manager, Compliance Risk
Indicator, Prime® AML, CallReporter and more, enable institutions of all sizes
to mitigate risk.

About FIS

FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking
and payments technologies. With a long history deeply rooted in the financial
services sector, FIS serves more than 14,000 institutions in over 100
countries. Headquartered in Jacksonville, Fla., FIS employs more than 37,000
people worldwide and holds leadership positions in payment processing and
banking solutions, providing software, services and outsourcing of the
technology that drives financial institutions. First in financial technology,
FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a
member of Standard & Poor’s 500^® Index. For more information about FIS, visit
www.fisglobal.com.

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Contact:

Kim Snider, 904.438.6278
Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com
or
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
mary.waggoner@fisglobal.com
 
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