Description
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. The Regulation Z No-Periodic Statement Policy Update communicates the Board’s intent to comply with Section1026.41 requirements for periodic statements on closed-end consumer credit transactions secured by a dwelling by utilizing the small servicer exemption. The Regulation Z No-Periodic Statement Policy Update is to be used by institutions qualifying for and utilizing the small servicer exemption from the periodic statement requirement under Section 1026.41.
