Regular Training Required
It's always a good idea to maintain a regular compliance training schedule. Each regulation should be revisited periodically. For example, regular Truth in Lending training should be scheduled for several reasons. First, it isn't easy to remember. Second, staff changes with promotions, hires, and departures. Third, Regulation Z keeps changing.
In addition to this common sense reason for regular training, several regulations contain specific requirements for annual training. Both the Bank Secrecy Act and the Expedited Funds Act contain annual training requirements. It is worth noting that both of these laws are high on the common violations list.
Finally, although there is no specific requirement for annual fair lending training, that subject matters too much to ignore. Fair lending's impact on your CRA evaluation is enormous. And, as with Truth in Lending, there is always something new to discuss.
Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 14, 9/96
First published on 09/01/1996