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If you are making changes to your core processor or changing disclosure software vendors or products, you will need to thoroughly test all of your loan and deposit accounts. Testing is critical. While your new vendor has good intentions of setting everything up correctly, the compliance burden is not on them; it’s on you. That’s where we come in.

We do all of the testing for you so you can avoid costly consumer harm issues down the road. Whether its loan conversion, deposit conversion, or both, we can help. We usually recommend testing between 2 - 4 months after the conversion date. Software conversions are a big risk red flag for regulatory exams, so you can bet they will do a thorough review of the changes. Let us find the issues before the regulators do.

Here is what we will look for:

  • Review all loan disclosures

  • Verify APR calculations and finance charges

  • Confirm consistency of promissory note

  • Review all deposit account disclosure

  • Test all periodic statements

  • Verify APY calculations

  • Verify fee and interest compounding

  • Ensure all disclosures are clear, concise, and have matching terminology

Here are some of the issues we have identified in the past

  • Interest rates not set up correctly

  • Fees not being charged (lost revenue for the bank)

  • Pyramiding of services charges (UDAAP)

  • Overdraft Fees incorrectly assessed (UDAAP)

  • Key disclosures missing

  • Erroneous service charges leading to significant consumer harm (MAJOR UDAAP)