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#150928 - 01/16/04 04:15 PM Are premium rate violation of ECOA?
MackenzieS Offline
Diamond Poster
Joined: Jul 2002
Posts: 1,722
I went to a seminar this week and we were discussing ECOA issues and it was brought to my attention that if you provide rate concessions on loans for a certain class or group of individuals you are setting yourself up for unfair lending.

That got me to thinking. We recently started one of those 55 and older deposit account specials and part of the program is to grant more favorable rates on short term CDs for any accountholder in this group. Is there any similar problems with this as there would be on the lending side?

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#150929 - 01/16/04 04:22 PM Re: Are premium rate violation of ECOA?
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 83,396
Galveston, TX
There are no fair deposit regulations........yet.
The opinions expressed here should not be construed to be those of my employer:

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