I have a question. My interpretation of Reg B is that is does, indeed, apply to commercial loans whereas a decision must be made within 30 days of completed application so that the customer can be notified of said decision, whether it’s an approval or denial. Am I correct in my thinking?
I’m getting some push back on my interpretation. I’ve tried to explain that commercial loans work differently and that the completed application date can be somewhat “rolling†because you may not have every piece of information to make a decision right away, the information could “trickle†in before it’s actually complete. Said person is basically telling me that commercial loans are not subject to the 30-day rule and that I'm getting it confused with consumer rules.
Thank you in advance for any guidance given.