Notify the sponsor bank of regulatory criticism within 5 business days
Any adverse communication from a regulator about the program is reported to the sponsor bank in writing within 5 business days, sooner when material, with the documentation or a detailed summary. The sponsor bank approves the response before it goes out.
Event-driven
On receipt of an adverse regulatory communication; 5 business days, sooner if material
Log the matter as regulatory criticism at Critical severity, send the written notice with the relevant documents to the sponsor bank, and hold any substantive response until the bank approves it.
- Written notice to the sponsor bank
Dated letter or email with attachments
- Sponsor bank approval of the response
Written approval on file before the response is sent
Compliance Officer
Leela can prepare the artifact and hand it to a person for review.
Leela can draft the notice from the complaint record and route it to the bank for approval.
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.