Escrow Cancellation Disclosure Rules Director/Senior Management Update

$25.00

The Escrow Cancellation Notice DSMU explains the revised requirements of Regulation Z that include new disclosures regarding the cancellation of escrows after consummation.

Description

Examiners frequently criticize financial institutions for failure to provide adequate training for the board of directors and senior management. Experience shows this audience is not likely to sit through an extended training session on compliance-related matters, but training in small doses works well. Director/Senior Management Updates (DSMU) can be delivered to directors and senior managers for individual review or can serve as the basis for a brief training session. The Escrow Cancellation Notice DSMU explains the revised requirements of Regulation Z that include new disclosures regarding the cancellation of escrows after consummation. It contains an explanation of the issue, a summary of the requirements, the effective date, an initial risk assessment, and action requested of management.

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