Only about half of community banks say they’re prepared for the Nov. 1 FACT Act “Red Flags” deadline, according to recent research from Gartner. Vendor Wolters Kluwer Financial Service has made quite a dent in selling its Red Flags products into the community bank market, forging partnerships with a slew of state banking associations.
On Tuesday the company announced that state banking associations in Alabama, California, Illinois, Texas and Wisconsin had endorsed and partnered with Wolters Kluwer FS. In June, the Independent Community Bankers Association endorsed Wolters Kluwer’s Red Flags services as its “preferred provider.” Those community banks that don’t yet have their red flags in a row better get going; analysts say federal regulators aren’t likely to go easy on this point in the next exam cycle.
