Legislation was recently enacted to reform consumer real estate protection laws, and the bank will now have to change the way it documents, discloses, and advertises real estate loans, an integral product line at your bank. What should the compliance professional do FIRST to implement the new law within the bank?

Question

Quizplus · Accepted Answer

Forming a task force of the business unit managers whose departments will be affected by the law is the best first step. This will ensure that all necessary areas are covered and that the action plan is comprehensive. The compliance professional can also utilize this group to gather information and identify areas where the bank needs to change documentation, disclosure, and advertising practices. Reading the law and writing a new policy, talking to the bank president about resources, and signing up personnel for a seminar can all come later in the process.

Legislation Was Recently Enacted to Reform Consumer Real Estate Protection