We’ve added two new tables in Beyond called VALIDATION@ and ORIGINALCREDITOR@ for the purpose of Regulation F going into effect Nov 30, 2021. These tables contain the majority of information needed to comply with the new Model Form B-3 Validation Notice suggested by the CFPB.
These new tables are in Beyond Version 2.13.5. We added the following list of fields to the tables.
We added a new mag letter that will allow you to map to the VALIDATION@ table. The new mag letter is the “&” symbol. Here is an example of what the mapping will look like using the Itemization Date, new table, and mag letter:
014&02 - Translates to field length of 14, the file “&” which is VALIDATION@, and field 02
We added a new mag letter that will allow you to map to the ORIGINALCREDITOR@ table. The new mag letter is the “#” symbol. Here is an example of what the mapping will look like using the Itemization Date, new table, and mag letter:
014#02 - Translates to field length of 14, the file “#” which is ORIGINALCREDITOR@, and field 02
QUICK TIP: Use the following subroutines on all dates when you are updating your tape drops.
Formats the date into a MMDDYY
Converts the date from a calendar date to a serial date.
We recommend that your clients add the new data and information necessary for Regulation F to the end of your existing tape drops. This will make the mapping of your tape drops easier for both you and for your clients.
This will also help in figuring out if something may not be lining up or displaying correctly in the system; however, if your client does choose to add the new information into the middle of the file, you can still modify the tape drop to add that data.
With Beyond 2.13.5 released now, please take a few minutes to look over the latest Release Notes. To schedule an update, reach out to Julie Newson by phone at 801.394.5791 x 269 or email firstname.lastname@example.org. For questions about Regulation F, please contact Justin Devine at email@example.com or call 801.394.5791 x297.