Review and comment on sponsor bank program modifications within ten days
When the sponsor bank gives written notice of a modification to the program, the Company reviews the proposal and returns its comments within ten business days. The bank may act on shorter notice where needed to prevent a violation of applicable law. Once the modification is settled, its implementation is registered and run as a change under this policy on the timeline the program agreement sets.
Event-driven
Each bank-initiated modification, within ten business days of the bank’s notice
Log the bank’s notice the day it arrives, assess the operational and compliance impact, return the Company’s comments inside the window, and open a change request for the implementation.
- Bank modification notice and response
Date received, comments returned, date returned, days elapsed
- Implementation change request
Change identifier linked to the bank’s notice
Compliance Officer
Leela can watch for the trigger, keep the clock, and flag what is late.
Leela can start the ten-day clock from the bank’s notice, flag the deadline, and open the change request when the comments go back.
Tell Leela about your company to see whether this applies.
Tell Leela how you handle it today, or hand it over: see what’s next.