Jurris.COM
Section 327 Of Article 2. Commissioner Of Business Oversight From California Financial Code >> Division 1. >> Chapter 3. >> Article 2.
327
. (a) The commissioner shall apply the Interagency Guidance on
Nontraditional Mortgage Product Risks issued in September 2006 and
the Statement on Subprime Mortgage Lending issued in June 2007 by the
Office of the Comptroller of the Currency, the Board of Governors of
the Federal Reserve System, the Federal Deposit Insurance
Corporation, the Office of Thrift Supervision, and the National
Credit Union Administration to state-regulated financial
institutions, including, but not limited to, privately insured,
state-chartered credit unions.
(b) The commissioner may issue emergency and final regulations to clarify the application of this section as soon as possible.
(c) A bank or credit union to which the commissioner applies the documents described in subdivision (a) shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in those documents.
(b) The commissioner may issue emergency and final regulations to clarify the application of this section as soon as possible.
(c) A bank or credit union to which the commissioner applies the documents described in subdivision (a) shall adopt and adhere to policies and procedures that are reasonably intended to achieve the objectives set forth in those documents.
