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Product Update Notification - 11/18/08 Regulation C Policy Update Details What's New Topic 8 - Audit Policy. This new topic provides guidance with respect to a financial institution's requirement to conduct periodic independent audit reviews of its Regulation C compliance activities. Topic 10 - Retention of Documentation. Provides sample guidance for the retention of Regulation C related documentation. What's Revised Topic 3 - Regulatory Background and Requirements. This topic was completely revised and includes the following subtopics: General Applicability Exempt Institutions Topic 4 - Definitions. The following definitions were revised: Branch Office Financial Institution HMDA LAR Manufactured Home Topic 5 - Compilation of Loan Data. Bullet points 12 and 13 were revised under the "Data Format and Itemization" subtopic. In addition, the following topics were added: Collection of Data on Ethnicity, Race, Sex, and Income Optional Data Excluded Data Topic 6 - Disclosure and Reporting. A new topic entitled "Availability of Data" was added. In addition, the following subtopics were revised: Reporting to Agency - A new final paragraph was added. Public Disclosure of Loan Application Register - Final paragraph was revised. Bank Policy/Procedures for Disclosure and Reporting - Entire contents. Topic 7 - Enforcement. The following subtopics were revised: General - Revised final paragraph. Bank Policy/Procedures on Corrective Action - Entire contents. Topic 9 - Staff Training. This topic was updated to reflect current sample guidance for the periodic training of financial institution personnel with respect to Regulation C activities. What's Deleted Topic 5 - Coverage. Now included in Topic 3 - Regulatory Background and Requirements. Topic 10 - Monitoring System. Now included in Topic 8 - Audit Policy. Product Contents Purpose and Contents - Topic 1 Policy Statement - Topic 2 Regulatory Background and Requirements - Topic 3 Definitions - Topic 4 Compilation of Loan Data - Topic 5 Disclosure and Reporting - Topic 6 Enforcement - Topic 7 Audit Policy - Topic 8 Staff Training - Topic 9 Retention of Documentation - Topic 10 Includes the following form template: Government Monitoring Form (1 page) Ordering Information This product is available to purchase from Bankpolicies.com for: $150.00 - List Price - or - $25.00* - Update Price *Applies only to clients who have purchased our Regulation C Policy Template within the last three years. If you have ordered this product after 10/18/08 you are eligible to receive the product update at no charge. Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies). NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com. Find Out What's New or Revised with our Product Update Program Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product. We encourage you to subscribe today for this free and convenient service. |