By Cody Roberts
Have you had to calculate timeframes for a Regulation CC hold notice? How long do you have to file a Suspicious Activity Report? When do you need to send a Regulation B adverse action notice? When looking at transactions in the past, has your compliance officer or auditor needed to be able to answer these questions?
After hearing these concerns from our CompliancePro customers, we developed an automated day calculator. The CompliancePro Day Calculator is accessed by the “+-x=” symbol at the upper right-hand corner of every screen. You simply enter two dates, the beginning and ending dates, using the pop-up calendar and then push the calculate button.
The CompliancePro Day Calculator
This will calculate and return for the timeframe selected:
– The days of the week of the starting and ending dates;
– The number of calendar days;
– The number of days without Saturdays, Sundays and holidays;
– The number of days without Sundays and holidays; and
– The intervening holidays and their dates.
In addition, a text box at bottom of the screen containing this information can be copied and pasted into other places in CompliancePro, such as corrective action needed. Finally, all FRB holidays (currently through 2019) are preloaded and maintained by ABS.
While different regulations have different ways of counting timeframes, this tool can aid you in most date-based calculations. If you have any questions on this tool, or about the CompliancePro system, please feel free to contact us at 405-607-7000.