Which direction to travel? Business application denied, whether over the million or under gross revenue, do you feel the following would meet the compliance requirments? Lender notifies the applicant orally of the decision and provides reasons at that time (doucment). The lender then does a follow up with a form letter; thanking for the oppourtnity etc, name and lender to contact with questions and then include the ECOA notice. Would this meet all requirements for both? These would be strictly business denials. Thanks

As long as the letter conforms to the requirements of 1002.9(a)(2)(ii) for those with revenues of $1MM or less and to 1002.9(3)(ii)(B) for those with revenues over $1MM you should be OK.

the notice that is to conform to the requirements of 1002.9(a)(2)(ii) - (is on the application) - and I had inquired earlier if I am to give that notice in the form the applicant can retain, and was told yes, but when I read 1002.9 (3) (B) - I can not see "in writing" or "form applicant can retain" - I see only the disclosure must contain the information, etc. ???

1002.4(d) Form of disclosures. (1) General rule. A creditor that provides in writing any disclosures or information required by this part must provide the disclosures in a clear and conspicuous manner and, except for the disclosures required by §§1002.5 and 1002.13, in a form the applicant may retain.

Thank you! That is what I love about BOL & Banker's Threads - this is absolutely the best site to get solid information and answers