Get sponsor bank approval and give notice on critical providers
A new critical service provider needs the sponsor bank’s prior written approval and 30 days’ notice before contract execution; ending one needs 60 days’ advance notice; a material change in its scope needs prior approval; and a material adverse change in its creditworthiness, capability, or regulatory status needs prompt notice.
Event-driven
30 days before a new critical contract; 60 days before ending one; promptly on adverse change
Send the diligence summary and request to the bank ahead of the deadline, record its written approval, and log every notice with the date sent.
- Sponsor bank approval
Written approval on file before execution
- Notice log
Event, notice sent, date, bank acknowledgment
Compliance Officer
Leela can watch for the trigger, keep the clock, and flag what is late.
Leela can start the 30 and 60 day clocks from your vendor pipeline and prepare each notice.
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.