Our Compliance department will be undergoing a bankwide review covering ECOA by our internal audit group. Is there anything I need to make sure that is addressed with respect to ECOA testing? The reason for me asking is because the new adverse action notice became effective on July 1, 2011. Therefoe, I just want to make sure that I am covering all bases. Appreciate input from anyone who has gone through the ECOA testing phase.
Posted By: rlcarey
Re: ECOA - 06/06/12 12:02 PM
There have been no other recent significant amendments to Regulation B.
Posted By: NotALawyer
Re: ECOA - 06/11/12 10:32 PM
Double check the name and address of your primary regulator in your ECOA notice on adverse action notices. Effective date for updating to the CFPB (if it applies to you) is January 2013, but can be updated any time before.
Posted By: Andy_Z
Re: ECOA - 06/14/12 12:45 PM
Is the CFPB being listed the change the OP was referring to? Otherwise I'm with Randy wondering what change they mean. Or it could be internally the bank changed its form.