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#47041 - 12/05/02 04:42 PM CRA - Check Credit
Anonymous
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Is a Check Credit reportable under CRA as a consumer unsecured loan?

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General Discussion
#47042 - 12/05/02 05:16 PM Re: CRA - Check Credit
BANNED BY BOL MANAGEMENT Offline
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Please include some detail as no one here can read minds. At least I don't think they can - perhaps Andy, but that's it.

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#47043 - 12/05/02 05:39 PM Re: CRA - Check Credit
Anonymous
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I do not know what type of product "Check Credit" would be (overdraft protection LOC??), but remember, at least for Large Banks, it is not mandatory that you report consumer loans. It is an institution's option. If consumer loans are a substantial majority of your outstanding, then your regulators will choose to evaluate them at your exam. But it is not mandatory that you report them.

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#47044 - 12/05/02 05:41 PM Re: CRA - Check Credit
Andy_Z Offline
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I was looking for a hermetically sealed mayonnaise jar on Funk & Waggonals porch. Looking thru the envelope the question may be is a check (NSF balances), CRA reportable as unsecured loans? But this is a guess. And as to the answer, I'd guess no.
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#47045 - 12/05/02 07:06 PM Re: CRA - Check Credit
HRH Dawnie Offline
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LOL Andy, (love the hat by the way) I read it as pulling a credit report...then as one of those lovely high interest checks you get in the mail....then gave up confused. If it's number 2, yes it's reportable if you report CRA consumer loans. (And if it is number 2, I wouldn't highlight it to the government as those aren't normally viewed in a favorable light). If it's overdraft protection as Andy said, nope, not reportable. If a "credit check" is something else, do share Mr or Ms Anonymous. We can always use some new product education in here
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#47046 - 12/05/02 07:11 PM Re: CRA - Check Credit
BankerMama Offline
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Andy, where did you get that crown!

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#47047 - 12/06/02 03:25 PM Re: CRA - Check Credit
Anonymous
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Sorry, I am new at this. Our Check Credit is a line of avaiable credit for people who overdraw their checking account. They interest is accrued on the funds they have "borrowed" until they make a deposit. Once new funds are deposited the line is paid (as much as possible) and interest is also paid for the money "lent." This is not an overdraft priviledge account.

Thanks for the help!

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#47048 - 12/06/02 03:32 PM Re: CRA - Check Credit
Andy_Z Offline
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There is another thread discussing business overdrafts, less formal than a line of credit you discuss here, whereby small business credit was gained for CRA.

You have an open end product accessed with checks. It should count if I understand you correctly.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#47049 - 12/06/02 05:22 PM Re: CRA - Check Credit
Anonymous
Unregistered

You should read the definition of "consumer loan" in Reg BB - CRA. I think your product is a consumer loan under the CRA.

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#47050 - 12/06/02 09:20 PM Re: CRA - Check Credit
HRH Dawnie Offline
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Key has this product. It is counted under their consumer CRA numbers.
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Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

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