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#1797925 - 03/25/13 02:36 PM credit on directors and executive officers
Burgess Offline
Diamond Poster
Joined: Jan 2004
Posts: 1,621
our CEO asked me if he may pull credit once a year on all directors and executive officers, just to make sure there are no problems here (several do not have loans with the bank so there is no way of knowing their credit).
i know we are allowed to pull credit on loan reviews, but do we have permissable purpose here?
the contract says must have permissable purpose.
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My views, not my employer's views.

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#1797935 - 03/25/13 02:54 PM Re: credit on directors and executive officers Burgess
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
There is no permissible purpose in what your CEO proposes.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#1798259 - 03/26/13 12:38 PM Re: credit on directors and executive officers Burgess
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Check the authorization they signed allowing a credit report to be pulled at the beginning of their employment to see if it gives you continued permission to pull a report anytime while they are in your employment.

Our agreement has such a continuing authorization. It was drawn up by our attorney and is a proprietary document therefore I cant' share it.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1798287 - 03/26/13 02:08 PM Re: credit on directors and executive officers Burgess
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
NJ
Some use two authorizations, one for the initial report and another for permission for future use.

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