Most Popular Compliance Content
Lending DDA Funds
03/10/2008
Can banks lend DDA funds? I was under the impression that DDA accounts were not lended or invested.
Using CML LOC as Overdraft Protection
03/10/2008
Can a corporation or business use CML LOC as overdraft protection?
Construction Loans & Reg B Monitoring Information
03/10/2008
When is monitoring needed on a construction loan according to Reg B? Is the absence of a takeout letter indicative of a construction permanent loan? If we don't do takeout letters should we obtain monitoring information on all our construction notes or must the application itself indicate an intention by the applicant to receive long term financing?
Regulations Covering Customer Info Change
03/10/2008
Are there specific regulations on changing a customer's information such as their address and if so, where can I find them?
Send FCRA Adverse Notice to Individual & Company?
03/10/2008
We received a business loan application for ABC company. As part of the application the lender pulled a credit report on the primary owner of the company who agreed to personally guarantee the debt, but the credit was denied based on information contained in the credit report. Since the individual is not an applicant, does the FCRA adverse notice need to be sent to the individual as well as the company? I have had some interpret that notice does not need to be provided to guarantors, as technically they are not applicants and thus no adverse action is taken against them and some interpret that the notice needs to be sent to any individual for whom a credit report was pulled which contained the adverse information. Which is correct?