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 Payday Loan Rule Procedures Update is designed to implement process to reduce the risk of issues related to rules established by The Payday, Vehicle Title, and Certain High-Cost Installment Loans (Payday) Rule, as implemented by Regulation OO.