We have a rate board posted in the entrance of each branch office of our bank. The board includes the following: Bank Name, term of loan(15 years), the rate, FDIC logo, Equal Housing Lender logo, and two statements "Rates subject to change daily." and "All applicants are subject to credit approval."
I am the Compliance Officer and was given the opportunity, initially, to review the contents of this board, and I stated that APR had to be on the board (as conspicuous as the rate) as well as a payment amount based on a $100,000 loan example. (i.e. Rates above based on upon $100,000 loan example
30 year(360 Payments) Principal and Interest Payment = $ 559.97
15 year(180 Payments) Principal and Interest Payment = $ 771.40)
Management decided they did not want to list these items. Can someone tell me if this does not have to be on the board because it is located inside the Bank?