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
