If you’re in the banking industry, chances are you’ve been bracing yourself for more than a year now, boarding up all the windows and trying to build a haphazard shelter to protect you from the approaching storm named Dodd-Frank.
It may not be a literal hurricane, but Dodd-Frank a 2,000+ page bill passed by congress last year that aims to help re-build the economy may cost banks at least $22 billion to meet new compliance requirements, according to a July 2011 Bloomberg Government report. And that’s enough to make you want to gather up all the kids, the dog, and your mother’s china in the station wagon and head for higher ground.
But there might be a better option. Most of our users already know that HotDocs can help save time and manpower and minimize document errors but did you ever think of HotDocs as a possible tool to ease the burdens of Dodd-Frank banking regulations?
HotDocs allows for the creation of dynamic templates with built-in logic that can be modified as often as needed. When one template is changed, all linked templates are updated instantly. That means legal and compliance experts can easily and efficiently maintain large libraries of templates, while ensuring that up-to-date information is available in every document. So, we think HotDocs might be just the shelter from the storm you’ve been looking for.
If you’d like to read a full article about how HotDocs can assist with Dodd-Frank compliance, you can download it here.
What do you think? Is document automation by HotDocs the best solution to this problem? How will Dodd-Frank really affect the banking business in the long run? And how do you plan to ride out the storm?