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#500347 - 02/17/06 02:14 PM Loan Accruals
WheezeKid Offline
100 Club
Joined: Jun 2004
Posts: 137
New Jersey
Our bank entered incorrect accrual information on a number of our loan products (entered actual/360 instead of 30/360). We are in the midst of correcting the errors. Is 60 days the time frame in which the Bank needs to rectify the situation, and are we required to send updated disclosures? Some of the errors occurred in 2004.

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Lending Compliance
#500348 - 02/18/06 03:33 PM Re: Loan Accruals
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 79,269
Galveston, TX
If you are accruing interest different from what you contracted and disclosed, this is a breach on contract issue and need to look toward legal counsel for a recommended cure. Breach of contract falls outside of the regulatory compliance venue.
The opinions expressed here should not be construed to be those of my employer:

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