Answer:
This is a tough list to give. There are many important things, but my top three are:
- Know the structure of the regulation. What is the scope, coverage, and exemptions? Don’t spend all day figuring out how to comply with the regulation, only to find your product / service / loan is exempt in the first place!
- Never forget about the definitions. The devil is in the details. How does the regulation define, for example, “business day," or “customer,” or “covered product”?
- Determine the key words in your situation, and research them in the BankersOnline threads. Odds are, if you are wondering about something, someone else has too, and a discussion on the matter is living in the threads. That discussion can really illuminate the murky matter!
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Learn more about Rebekah Leonard’s The Anatomy of Compliance Research – Stop Stumbling Through the Maze of Laws and Regs to Find the Answer! webinar.
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