Compliance Blog

On Monday, OTS held a conference call for its thrifts to go over agency expectations regarding Red Flags.  Here is a link to their powerpoint presentations that they used during the conference call.   From the sound of it, the interagency examination procedures are right around the corner.  In fact, the OTS indicated that the conference call was based on those procedures.  So stay tuned.

There was one piece of information that caught my attention.  Everyone focuses on the Red Flags compliance deadline of November 1.  But think about this: compliance for Red Flags involves a board approved policy.  OTS indicated that its examiners will be looking for evidence that its regulated entities approved their Red Flags programs during their October board meetings

Food for thought.