# Disclosures updated after regulatory changes

- **Pattern:** `ab-001413` (`finserv-disclosure.presentation-quality.regulatory-updates`)
- **Severity:** low
- **Lifecycle:** active
- **Last modified:** 2026-04-18
- **Canonical URL:** https://auditbuffet.com/patterns/ab-001413
- **License:** CC-BY-4.0 — attribute to AuditBuffet Pattern Catalog (https://auditbuffet.com/patterns/ab-001413)

## Why it matters

CFPB supervision includes examination of whether regulated entities monitor and respond to regulatory changes that affect consumer disclosures. A financial product whose Privacy Policy or Terms of Service has no version number and no last-updated date cannot demonstrate regulatory currency — examiners will treat undated documents as potentially stale. The CCPA was amended by CPRA in 2023; TILA has seen Reg Z updates in 2024; FTC Click-to-Cancel rules took effect in 2024. A product operating without dated, versioned legal documents that reflect these changes is operating on borrowed time. The business risk is not just regulatory: users who discover they agreed to a Terms document from three years ago that no longer reflects actual practices have grounds for misrepresentation claims.

## Severity rationale

Low because undated documents are a compliance posture failure rather than a direct user harm, but they undermine the ability to demonstrate regulatory currency during CFPB or FTC examination.

## Remediation

Add version metadata and a change summary to every legal document. In `app/privacy/page.tsx` (and equivalently in terms, fee schedule pages):

```tsx
// app/privacy/page.tsx
<header className="document-header">
  <h1>Privacy Policy</h1>
  <dl className="document-meta">
    <dt>Version</dt><dd>2.3</dd>
    <dt>Last Updated</dt><dd>February 15, 2024</dd>
    <dt>Next Review</dt><dd>February 15, 2025</dd>
  </dl>
  <details>
    <summary>Change History</summary>
    <ul>
      <li>v2.3 (Feb 2024): Added CFPB data sharing disclosure per updated Reg rules</li>
      <li>v2.2 (Aug 2023): Updated data retention schedule per CCPA/CPRA</li>
    </ul>
  </details>
</header>
```

Set a calendar reminder for an annual review cycle. Regulators expect documents dated within 18 months to reflect current law.

## Detection

- **ID:** `regulatory-updates`
- **Severity:** `low`
- **What to look for:** Count all legal documents (Terms, Privacy Policy, fee schedules) and for each check for: (1) a version number, (2) a "last updated" or "effective" date, (3) a change history or changelog. Documents must show a review date within the last 12 months to indicate active maintenance.
- **Pass criteria:** At least 1 legal document includes both a version number and a "last updated" date within the last 12 months. A changelog or change history section is present showing at least 1 documented update. Quote the version and date text found. Report the count: "X of Y legal documents have version + date metadata."
- **Fail criteria:** No legal document has a version number or date, or the most recent date on any document is more than 18 months old, or no changelog or change history exists on any document.
- **Skip (N/A) when:** The project is less than 6 months old and the documents are on their initial version.
- **Detail on fail:** Quote the document file paths. Example: `"Privacy Policy at app/privacy/page.tsx and Terms at app/terms/page.tsx have no version numbers, no 'last updated' dates, and no changelog. 0 of 2 legal documents have version metadata."`
- **Remediation:** Implement a versioning and review process in your legal document pages (e.g., `app/privacy/page.tsx`):

  ```tsx
  // app/privacy/page.tsx
  <header className="document-header">
    <h1>Privacy Policy</h1>
    <div className="metadata">
      <p>Version 2.3</p>
      <p>Last Updated: February 15, 2024</p>
      <p>Next Scheduled Review: February 15, 2025</p>
    </div>
    <details>
      <summary>View Changes</summary>
      <ul>
        <li>v2.3 (Feb 2024): Added third-party API sharing disclosure</li>
        <li>v2.2 (Aug 2023): Updated data retention policy per CCPA</li>
      </ul>
    </details>
  </header>
  ```

## External references

- external cfpb-reg-change-monitoring — https://www.consumerfinance.gov/compliance/supervision-examinations/

Taxons: regulatory-conformance, content-integrity

HTML version: https://auditbuffet.com/patterns/ab-001413