COMPLIANCE CALENDAR

DECEMBER
This may be the slowest things have been in several years - if we can call this slow! Try to find time to assess where you are and where you are going. Map out a plan for next year.

Check around your bank to be sure that everyone is using current OFAC lists. Do this often.

Last chance to gear up for HMDA and CRA data collection. The agencies are expecting accurate reports for this year.

Start watching for possible publication of proposals to revise CRA. It is early days yet, but it could happen.

We may also see final rule-making on several other regulatory proposals including FCRA and Regulation B monitoring data.

JANUARY, 2002
This is a good time to review compliance with regulations, such as Flood Hazard and the appraisal rules. Make sure everything is ship-shape for the new year.

The quality check on the accuracy of the HMDA-LAR and the CRA data reports should be well underway.

FEBRUARY
Comments to the Federal Reserve Board on proposed revisions to the Official Staff Commentary to Regulation Z by February 1.

This is your last chance for the CRA data reports and the HMDA-LAR. Be ready or have lots of spare time.

Review the status of your exempt customers for CTR reporting. Updates are due next month.

MARCH
After you finish your CRA and HMDA data reporting, be sure to get in your BSA exempt list by the middle of the month.

March is a good month for BSA and OFAC training. Review the procedures and make sure everyone knows what to do with a suspicious customer or one who is on the OFAC list.

APRIL
April is Fair Housing Month. Schedule training on fair lending. Be sure to discuss predatory lending and CRA to tie them all together.

Copyright © 2001 Compliance Action. Originally appeared in Compliance Action, Vol. 6, No. 14, 12/01