Is it necessary that commercial lenders receive training for the medical rules under FACT?

Thanks,
jenny

Yes. It is illegal for a loan officer to consider a consumer’s physical, mental, or behavioral health, condition or history, type of treatment, or prognosis into account as part of any credit decision. This INCLUDES a ban on considering such items as to the guarantors of a small business.

The medical rules work just like Fair lending. You can't turn down a commerical loan or a guarantor because of individual's race, gender, age, etc. and with these rules - we are prohibited from using medical information as a basis for a loan denial.

Does anyone have any training materials they would be willing to share? (handouts/PP presentations/etc.)? I just want to make sure that I'm covering everything.

CSB1, I've been getting together some training, as well.
I found this website to be somewhat useful. It's directed at consumers, but provides a pretty good overview...

http://www.privacyrights.org/fs/fs6a-facta.htm

Go to BOL Tools. There is a FACTA medical rules cheat sheet and other training tools available.