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#1745643 - 10/01/12 08:47 PM Business credit denials
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
If the gross annual revenues are less than $1,000,000 in the preceding year, is the bank required to provide a written notice of action taken, or can it be done verbally?

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Lending Compliance
#1745987 - 10/02/12 08:05 PM Re: Business credit denials Many Hats
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
Bump

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#1746013 - 10/02/12 08:27 PM Re: Business credit denials Many Hats
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,417
Bloomington, IN
You need to review 1002.9(a)(3). You can notify them orally of the denial but you still have to comply with (a)(1)&(2). IOWs you have to give them a written notice, either at the time of application or when you deny them of their right to obtain the specific reasons for denial within 60 days of notification along with the other information required by (a)(2)(ii).
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The opinions expressed are mine and they are not to be taken as legal advice.

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