Regulatory Alerts2015-01-07 | 2015-001-DOBDiscontinuing Use of State-Mandated Disclosure Summary under RCW 19.144.020
The Washington State Department of Financial Institutions issued this interpretive statement to direct regulated institutions to discontinue using the separate state-mandated disclosure summary under RCW 19.144.020. This change is necessitated by the Consumer Financial Protection Bureau's Final Rule combining Truth in Lending and RESPA disclosures into a single form, which renders the state-specific summary unnecessary. The directive applies to all Washington State-chartered banks, savings banks, credit unions, and third-party forms vendors effective immediately.
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