Description
Examiners frequently criticize financial institutions for failure to provide adequate training for the board of directors and senior management. Experience shows this audience is not likely to sit through an extended training session on compliance-related matters, but training in small doses works well. Director/Senior Management Updates (DSMU) can be delivered to directors and senior managers for individual review or can serve as the basis for a brief training session. The 2017 TRID Amendment Expanded Scope Director/Senior Management Update (DSMU) provides information on the expand the scope of the TRID rules to include cooperative units. This DSMU contains pertinent information for Directors and Senior Management including an explanation of the issue, a summary of the requirements, the important dates, an initial risk assessment, and action requested of management.
