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Fair Credit Reporting Act and Regulation V will be the focus of the “regulatory” portion of the presentation. This regulation has been mentioned many times recently by all regulators as a compliance problem area for banks. Additionally, there have been changes to Regulation V that need our attention. We will also spend time looking at the issue of Identity Theft. The regulation offers an outline of what should be contained in your identity theft program – but those guidelines are from a long time ago. Banks should take additional actions as identity theft is becoming a bigger issue for all banks.

Implementing Change is a subject we have mentioned in the past, but we now have the opportunity to focus on this issue. Regardless of what happens politically, change is inevitable; and now is a good time to discuss steps that may make these future changes easier for your bank and staff to absorb.

Reviewing Your Deposit Policies is a new feature in the CBC program. We will discuss what should be part of your deposit policies so that your staff has a path to follow as they implement the regulations in your bank. Many banks have a policy that states that the bank will “follow the regulation.” Regulators are requiring more detail in the policies, and this portion of the presentation will help you assure that your policies will meet regulatory requirements.
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With the current status of the CFPB, we have the ability to focus on subjects that do not involve dealing with the details of the latest changes. It is anticipated that the Regulatory Update will be relatively brief, allowing us the flexibility to review other portions of your compliance operation that we have not had time to discuss due to the volume of regulation.