The scenario is as follows:

An applicant fills out an application, and provides some of the necessary information to make a credit decision. A credit report is then pulled. It is decided that more information is in fact required to make a credit decision. An adeverse action notice is issued informing the applicant that more information is required before a credit decision can be made. The exact wording is as follows: " We are unable to make a decision on your Application because it is missing the following information:" If the applicant does not in fact provide this information, would a second adverse action notice be required informing the applicant the loan has now been declined? I am of the opinion that a second adverse action notice would be required, but cannot seem to locate any documentation to support this viewpoint. All opinions are welcome, but please offer some evidence, preferably a link to support them.

Reg. B 202.9(c) and its Commentary.

Would you be able to supply a link or an web address Dan? Thanks.

Look at the top of the page and click on the Click to Read a Reg. link.