Financial institutions have been implementing new regulations through board-approved policies for decades. As existing regulations are revised and new regulations are published, existing polices need to be updated. Policy Updates are designed to simplify the task of updating existing policies, regardless of where the existing requirement is lodged. The Escrow Cancellation Notice Policy Update communicates the Board’s intent to comply with the revised requirements of Regulation Z that include new disclosures regarding the cancellation of escrows after consummation.
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