Clutch Group Helps Financial Services Firms Comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act
Washington, D.C. (PRWEB) June 13, 2012
Since the passage of Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in 2010, Clutch Group has bolstered its services to help financial services firms adjust to and comply with the changing regulatory environment including the new Consumer Financial Protection Bureau (CFPB), as well as over-the-counter (OTC) requirements, business continuity, mortgage analysis and documentation.
In the wake of the financial reform legislation, corresponding regulation, and increased regulatory examination and enforcement actions, many businesses are choosing to turn away from high capital businesses in the face of rising regulatory compliance costs. Clutch Group has applied its deep understanding and experience with the financial services industry and compliance processes to provide insight to some of the world’s largest banks on current regulatory reforms. Clutch Group then tailors its services to fit the unique needs and circumstances of each of its clients.
“We offer our clients so much more than just legal process outsourcing,” said Brandon Daniels, President of Managed Services, “Clutch Group is focused on the professional services for law. We are investing in our organization and remain dedicated to helping those within the financial services market to meet the compliance challenges that have emerged from Dodd-Frank, the CFPB and other regulatory developments.”
In response to the provisions of Title VII in Dodd-Frank, which require the CFPB to not only increase engagement with minority- and women-owned businesses, but also assess existing diversity policies of covered entities, Clutch Group has developed new technology and analytic services to help firms be compliant with new requirements and manage risk and collateral. Moreover, as a minority-owned business, Clutch Group is uniquely qualified to help the financial services industry address the CFPB’s diversity initiative.
Within the last year, Clutch Group has also developed and launched a new Legal and Eligibility Codification System (LAECS) to address the emerging risk management needs of the financial services industry that have ensured from Dodd-Frank. LAECS delivers real time legal and eligibility data and regulatory reporting as well as helps clients to better understand their OTC environment and improve productivity of Legal & Operations teams.
In addition to LAECS and diversity requirements, Clutch Group is equipped to help financial services firms tackle a variety of regulatory challenges to continue to do business in today’s changing environment.
Michael Ross, Chairman of Clutch Group’s Advisory Board, and former General Counsel of Citibank, said: “Clutch Group was born out of the financial services industry. Several members of our team have led major parts of financial institutions, and as a result they understand the challenges an organization goes through as it tries to address regulatory hurdles. We feel that banks need creative and innovative solutions and we’re focused on providing our clients with real answers that make sense.”
About Clutch Group
Clutch Group is a certified Minority Business Enterprise, consistently ranked as a Top Legal Process Outsourcing firm worldwide by the Black Book of Outsourcing, Dun & Bradstreet, Frost & Sullivan and Chambers Global. Last March, Clutch Group received the Top Business Award by DiversityBusiness.com, acknowledging the firm as one of the top businesses in the United States. DiversityBusiness.com is the nation’s leading multicultural social media website that links Fortune 500 companies to multicultural service suppliers.
Clutch Group is dedicated to delivering the professional services for law. Clutch Group leverages and incorporates innovative technology, process and legal expertise to help deliver cost-effective services. Founded in 2005 by attorneys from top law firms and business process pioneers, Clutch Group was among the first legal outsourcing providers and currently has offices in Washington, New York, Chicago and Bangalore, India.