Regulation CC Changes
It’s nice that our banking regulations typically follow a similar format. For example, the first of several items in a list, like a set of definitions, starts with (a). But when you have a regulation, and its definitions go from (a) to (hhh) you have two issues; too much regulation and likely a need for training.
Reg CC is a very long and difficult regulation. Did you know there are changes coming? Don't worry, they’re not due today, and don’t actually take effect until July 1, 2025. But you should make a note on your 2025 calendar right now that your change management process will be necessary and could include updating policies, procedures, customer notifications, signage, training and more!
These changes will require affected customers to be notified so make sure you plan ahead and don’t surprise management with the cost of a mass mail campaign at the last minute. Management hates surprises.
We alerted you to the Final Rule in a May 20th blog, but in our June Monthly Connection, Kevin gave a quick rundown of the upcoming changes as well as a few tips, tricks and things to remember so this change will go smoothly for you! Check it out:
Do you want timely and helpful compliance information/training? Want to learn from your peers as well as us? Be sure to check out our Monthly Connection.
Published
2024/07/03
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Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).