Changes are a Coming…

Just a reminder that a couple regulatory changes will soon be upon us. The first is one that seems like we’ve BSA Training and Banking Regulations Compliance Consulting diane11 - Changes are a Coming...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.

Published
2015/08/28
Diane Dean

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