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 Regulation V – Accuracy and Integrity Rules Policy Update communicates the Board’s intent to fully comply with the guidelines as established by the Interagency Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies Under Section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). It includes a statement of policy, designation of individual(s) responsible for overseeing compliance, and addresses procedures, training and testing.