Financial institutions have been implementing new regulations through board-approved policies for decades. As existing regulations are revised and new regulations are published existing polices need to be updated. Policy Updates are completely customizable and designed to simplify the task of updating existing policies, regardless of where the existing requirement is lodged.
The Payday Loan Rule Policy Update communicates the Board’s intent to fully comply with the guidelines as established by The Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday) Rule, as implemented by Regulation OO. It includes a statement of policy, designation of individual(s) responsible for overseeing compliance, and addresses procedures, training and testing.