CCBCO Practice Questions - ICBA Certified Community Bank Compliance Officer Exam

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A community bank issues a revised Closing Disclosure with a changed APR that exceeds the tolerance. Under TRID, what is the consumer entitled to before consummation?

A new 3-business-day waiting period before consummation Only a re-disclosure with no waiting period A 7-business-day waiting period before consummation Cancellation of the loan with no further action

Correct Answer:

A new 3-business-day waiting period before consummation

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