Just a reminder that a couple regulatory changes will soon be upon us. The first is one that seems like we’ve been talking about forever (Hello Integrated Disclosures!) and the other is just off the press (Flood Insurance Round 1).
The Integrated Disclosures requirements are set to take effect on October 3, 2105. We hope that you’re feeling somewhat confident, have most of your preparation complete and your vendors/software system ready to go. If you haven’t already done so, we recommend in this last month that you test your software with various scenarios 1) to familiarize yourself with the new disclosures and 2) to look for any errors. There will likely be bumps in the road after the effective date, but just try to minimize them as much as possible.
If you didn’t already have enough to do, remember October also means the first round of Flood Insurance changes, as a result of the June 22nd rule, will go into effect. Although it seems that we just told you about these changes, allowances and requirements related to the detached structure exemption and force placement will become effective October 1, 2015. Please see our August Newsletter for more information.
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!