We have discovered an online credit card application from last year that was never decisioned. What should we do now that we are well beyond our timing requirements? I know we cannot correct the timing violation in Reg B. Is it worthwhile to reach out to the applicant and invite them to reapply - or let it go?

You mean ignore the fact that you ever got an application? I would not handle it that way. I would contact the applicant, explain the error and ask if they would like the application to be considered at this time.

Thank you!

I would also do a post mortum on how it happened, train, close up any loopholes and document. That's a CYA approach, and occasionally test to make sure it was isolated.

I would also do a post mortum on how it happened, train, close up any loopholes and document. That's a CYA approach, and occasionally test to make sure it was isolated.

Thank you, Rocky - good points - we will definitely look into it.