Legislation Was Recently Enacted to Reform Consumer Real Estate Protection

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?

A) Read the law and write a new real estate compliance policy
B) Form a task force of the business unit managers whose departments will be affected by the law to collectively form an action plan
C) Talk to the bank president about the need for more resources in compliance
D) Sign up all bank personnel affected by the changes for a seminar on the new law

Correct Answer:

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