Financial institutions have been implementing new regulations through board-approved procedures for decades. As existing regulations are revised and new regulations are published existing procedures need to be updated. Procedure Updates are designed to simplify the task of updating existing procedures, regardless of where the existing requirement is lodged. Each set of procedures are completely customizable and includes an overview of the new requirements, a regulatory citation, effective date, objective and includes operating procedures, control procedures, and audit procedures.
The Regulation V – Accuracy and Integrity Procedures Update is designed to implement process to reduce the risk of issues related to implementation, review and update of policies and procedures related to the reporting of consumer information to consumer reporting agencies.