NORTH RICHLAND HILLS, Texas (7/27/09)--Cypress Software Systems introduced the Red Flag/PATRIOT Act/Office of Foreign Assets Control (OFAC) Compliance Module for its Mark IV consumer lending software. Mark IV is a Cypress loan software platform that automates the consumer loan application and decision process. The Red Flag module it would give financial institutions necessary checks and balances during the loan underwriting process to prevent and report fraud. During the loan application process, the Red Flag module checks each piece of information to provide homeland security requirements. It also:
* Verifies the identity of each applicant; * Checks applicants’ names against the latest OFAC lists; and * Combats identity theft by complying with the Red Flag Rules outlined in the Fair and Accurate Credit Transactions Act.
Cypress provides financial institutions, including credit unions, with loan application decision and tracking tools.