The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST?

Question

Quizplus · Accepted Answer

The compliance professional should first prepare a summary document outlining the effects of the proposed rule on the bank's operations. This will help the bank understand the impact of the change and determine what steps need to be taken next, such as establishing a task force, contacting software vendors, and training staff. It is important to have a clear understanding of the proposed rule before taking further action.

The Federal Banking Agencies Have Proposed an Amendment to Regulation