Planning Ahead: Regular Events to Schedule

Program disclosures for adjustable rate mortgages and home equity lines of credit must be updated annually. The historical example must be updated and must also reflect the terms of the contract. Schedule the update now and put it on your calendar or someone's calendar.

Schedule quarterly monitoring and reports. Choose your own dates to fit into your schedule and those at your bank, but be sure that monitoring really happens four times per year. Also schedule monitoring report dates and timing for corrective action and responses. Regulators are looking for this!Review your training calendar. Be sure that all necessary compliance training and retraining is scheduled.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 18 & 19, 12/96