Request for Electronic Copy of LAR
Question: A consumer organization that asked for our LAR requested that we provide them with the same electronic document that we sent to our regulator. They are impatient to analyze the data and would like to have it electronically instead of the paper report we prepared for them. Do we have to do this?
Answer: Absolutely not. In fact, they are not entitled to some of the information that you reported to your regulator. You may also refuse to provide an electronic version of your public LAR. This being said, don't make an enemy unnecessarily. This is an important time to work on constructive relationships. However, under no circumstances should you give anyone but your regulator the loan identifying information. This would result in probable privacy violations.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 5, 4/05
|
Print Friendly!
Email This Article!
Discuss NOW!