RegEd will Present Enterprise Compliance Solutions for Banks at the ABA Regulatory Compliance Conference

RegEd will showcase its enterprise compliance platform for banks at the American Bankers Association’s Regulatory Compliance Conference, which will be held virtually from June 22-24.

The National Conversation on Compliance will provide participants with in-depth regulatory analysis, benchmarking data from across the industry, and practical implementation strategies for current compliance challenges.

The ABA Regulatory Compliance Conference includes sessions on timely topics such as:

  • Leading Practices in Assessing and Mitigating UDAAP Risk
  • Reviewing Your Compliance Policies and Procedures for the New Environment
  • Customer Communications Compliance
  • Navigating Virtual Examinations
  • The Future of Regulation

The conference will also include a virtual marketplace with exhibits from conference sponsors such as RegEd. RegEd representatives will highlight the company’s integrated, fit-for-purpose enterprise compliance solutions for banks, including the following.

  • Marketing and Advertising Review Management: Streamlines the end-to-end process for marketing and advertising communication submission, review, collaboration and approval, speeding time to market for review items.
  • Branch Audit Management: Enables banks to fully plan, schedule, conduct, resolve, and report on bank audits. The solution is fully configurable to reflect a bank’s specific organizational hierarchy and business processes.
  • Conflict of Interest Management: Including Gifts and Gratuities, Outside Business Activities, and Personal Securities Accounts. Capture full audit trails of requests, approvals, exceptions, attestations, and documentation. 
  • Policies and Procedures Management: Enables administration and oversight of the bank’s policies and procedures, including approval, distribution, attestation management, and testing program management.

Schedule a consultation to learn more about how RegEd’s fit-for-purpose enterprise compliance solutions enable banks to gain the effective oversight that they need to ensure that compliance obligations are fulfilled, compliance gaps are readily identified and remediated, and strong audit trails that demonstrate compliance are captured and memorialized.

About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms.

Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation, and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk.

Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please schedule a consultation.

State Appeals Overturning of New York Regulation 187

New York’s Department of Financial Services is taking its fight for NY Regulation 187 to the state’s highest court.

As expected, the DFS has appealed a lower court’s decision overturning NY Reg 187 to the New York Court of Appeals, InsuranceNews.Net reported. The Supreme Court Appellate Division struck down the controversial best-interest standard for the sales of life insurance and annuities in April.

The DFS implemented the best-interest standards for annuity sales on Aug. 1, 2019, and for life insurance sales on Feb. 1, 2020. But insurance industry associations, an insurance agency, and a registered representative sought to overturn the standards by suing the DFS.

A state Supreme Court judge ruled in regulators’ favor in August but the Supreme Court Appellate Division overturned NY Reg 187 on April 29, siding with the remaining plaintiffs, Independent Insurance Agents of New York (Big I NY) an industry trade association, and Testa Brothers, one of its members, in their appeal. InsuranceNews.Net reported regulators’ subsequent appeal to the state’s highest court on June 10, citing a source with the DFS.

“Though some uncertainty remains around NY Reg 187, we expect that most insurance companies will follow it until the state’s highest court decides its fate,” said Brandi Brown, senior vice president of regulatory affairs for RegEd.

Lower court cites “vagueness” in overturning NY Reg 187

In siding with the plaintiffs in April, the appellate court wrote that NY Reg 187 failed to meet the two-part test that is used to evaluate “a vagueness challenge,” noting that the regulation was not sufficiently defined and standards for enforcement were not specific enough.

“While the consumer protection goals underlying promulgation of the amendment are laudable, as written, the amendment fails to provide sufficient concrete, practical guidance for producers to know whether their conduct, on a day-to-day basis, comports with the amendment’s corresponding requirements for making recommendations and compiling and evaluating the relevant suitability information of the consumer,” the justices wrote.

Furthermore, “given the resulting ambiguities in the language employed, coupled with its lack of clear standards for how these provisions will ultimately be enforced, respondents have ‘virtually unfettered discretion’ in determining whether a violation has occurred,” the justices continued.

Industry groups largely welcomed the lower court’s ruling because they favor a National Association of Insurance Commissioners (NAIC) model regulation on annuity transactions. The NAIC model regulation requires financial professionals to act in the best interests of consumers during annuity transactions and aligns with the Securities and Exchange Commission’s federal Regulation Best Interest, the National Association of Insurance and Financial Advisors New York Chapter (NAIFA-NY) noted in expressing its support.  However, the NAIC model does not apply to the sale of life insurance as does NY Reg 187.

The NAIC explains that its annuity suitability and best interest standard requires agents and carriers to act with “reasonable diligence, care, and skill” in making recommendations. Eleven states have adopted revisions to the model and the NAIC continues to work with regulators nationwide.

Insurance companies will continue to need training on NY Reg 187 until the New York Court of Appeals rules, Brown said. RegEd offers three courses that insurers may use for this purpose.

  • NY Reg 187: Suitability and Best Interest of Clients in Life Insurance and Annuity Transactions (484_NY)
  • Best Interest of Clients in Life Insurance Transactions: NY Reg 187 Course(484_NY_L)
  • Best Interest of Clients in Life Insurance or Annuity Transactions: NY Reg 187-1 Hour Course (485_NY)

Visit our website to learn more about RegEd’s Insurance CE solution, or RegEd’s CE Authority website to learn more about continuing education (CE) courses for insurance professionals.

About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms.

Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation, and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk.

Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please schedule a consultation.

RegEd Reaches 3 Million Submissions Reviewed on its Enterprise Advertising Review Solution

Adoption by scores of financial services firms, including 7 of the top 10, fueled exponential growth in volume over the last two years.

RegEd, the leading provider of RegTech solutions to the financial services industry, today announced that Enterprise Advertising Review, an advanced technology solution that automates the advertising compliance review process, has processed more than 3 million submissions to date.

Regulators such as the SEC and FINRA are highly focused on marketing, advertising, and customer communications to ensure that they are fair, balanced, and not misleading, as well as compliant with regulatory rules. A major challenge for financial services firms is efficient compliance review of every marketing and advertising campaign and artifact, and the multitude of channels and stakeholders that must review and approve communications exacerbates the challenge.

Ethan Floyd, Chief Product Officer at RegEd, stated, “There has never been a better time to improve advertising compliance thanks to intelligent capabilities including AI. RegEd’s Enterprise Advertising Review is the most widely adopted solution in the financial services industry due to its advanced and intelligent capabilities that drive unparalleled efficiencies, along with its ability to manage complex approval workflows.” 

The solution accelerates the advertising review process with technology-assisted smart review capabilities so that reviewers spend less time reading and annotating content, providing the ability for certain submissions to be automatically reviewed and approved. RegEd’s Enterprise Advertising Review reduces compliance review time by 50% or more and reduces human intervention in 70% of submission reviews, while increasing first-touch approvals by 80%.

John Schobel, CEO & Founder of RegEd, stated, “Large broker-dealers have two challenges related to advertising review. The first is volume. They have to manage multiple thousands of submissions and approvals each year expeditiously because any delay directly impacts the advisor’s ability to grow their business. Second, from a compliance standpoint, they have to ensure that all of the required approvals are obtained for each submission.” 

Schobel continued, “RegEd’s Enterprise Advertising Review solution has helped scores of broker-dealers and other financial services firms to transform the advertising compliance review process to one that’s highly efficient, handles complex approval workflows easily, and enables scale as the firm grows.”

Enterprise Advertising Review offers unparalleled efficiency-driving capabilities and the solution can readily integrate with a firm’s marketing automation system to deliver a seamless process end-to-end. The aggregate streamlines and automates the management of advertising compliance through all phases, thereby accelerating campaign launches.

Schedule a free consultation to learn more about how RegEd’s Enterprise Advertising Review solution facilitates a seamless review process that increases the quality and effectiveness of a firm’s marketing communications while also speeding time to market.


About RegEd

RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms.

Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation, and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk.

Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please schedule a consultation.

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