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#1996121 - 02/13/15 09:14 PM Signature of Credit Card App?
Compli(cated) Offline
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Joined: Mar 2011
Posts: 185
Wisconsin
Our credit card department is wanting to forego the signature requirement on credit card applications. In other words, if you give us your information, we will do the underwriting and give you a credit card - no need to sign anything at all.
One issue I see with this is Reg B and the intent to apply for joint credit (if it is a joint app). Another issue - we want a signature authorizing a credit check. Anything else that I am not thinking of?
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Lending Compliance
#1996153 - 02/13/15 09:51 PM Re: Signature of Credit Card App? Compli(cated)
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,292
How is the application made? Paper? Online?
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
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www.kaybeescomplianceinsights.com

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#2003262 - 03/23/15 02:36 PM Re: Signature of Credit Card App? Compli(cated)
Compli(cated) Offline
100 Club
Joined: Mar 2011
Posts: 185
Wisconsin
These would be the applications made at a branch (the person is right in front of you) and applications that are part of our brochures, which members can complete and drop off or mail in.

The phone apps are recorded so we get the consent on record and the interned apps have an acknowledgement checkbox so we are covered there.
_________________________
Opinions are my own.
"I was gratified to be able to answer promptly. I said I don't know." - Mark Twain

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#2003850 - 03/25/15 01:31 PM Re: Signature of Credit Card App? Compli(cated)
Indy Banker Offline
Platinum Poster
Joined: Aug 2010
Posts: 528
We don't do credit cards, but I thought I read that the CARD Act made it mandatory for young adults (under 21?) to sign an application for a credit card.

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