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. The Regulation Z Negative Amortization Counseling Policy Update communicates the Board’s intent to comply with the 12 CFR 1026.36(k) requirements for homeownership counseling for first-time borrowers in connection with a closed-end transaction secured by a dwelling that may result in negative amortization.
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