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. On January 10, 2013 the Consumer Financial Protection Bureau (CFPB) published a final rule that expands upon and moves existing Regulation X error resolution procedures from Section 1024.21 to 1024.35. The Regulation X Error Resolution Policy Update communicates the Board’s intent to comply with the revised requirements for resolving errors related to mortgage loans.
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