Is an Adverse Action form required for all consumer denials, or is it an option to send instead the Right to Request Specific Reasons? I had always thought that an Adverse Action form with the denial reasons listed was required on consumer loans, but I read in a compliance publication that the Right to Request was an option other institutions use. Does anyone else do this, and if so, have you run into any issues?
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Keep calm, and let the compliance officer handle it....