Most Popular Lending Content
Minors & Adverse Credit Information
07/07/2003
We have a question regarding disclosing contents of a credit report. A 15 year old opens a checking account. The bank pulls a credit report which contains some adverse information. The credit file was not inspected. Can the information be disclosed to the child's parent or legal guardian so that they can get the problem corrected? We have not been able to find anything that addresses minors, can you point me in the right direction.
Adverse Action & Disclosing Credit Bureau Information
07/07/2003
If an application is denied for reasons other than credit, but a credit report was pulled, are we required to disclose the Credit Bureau's Address?
Fair Lending Policy: Reverse Redlining Issue
07/07/2003
We have utilized a prefab fair lending policy from a nationally known compliance consultant. In this policy it states that "The bank shall devote special attention to the credit needs of the low and moderateincome neighborhoods within its community (as defined in its CRA policy and CRA statement). To the extent possible consistent with safety and soundness, the bank shall make credit available on more favorable terms than it otherwise would offer to residents and owners of small businesses (and small farms) within such low and moderateincome neighborhoods." This was intended to convey CRA efforts. The examiners are looking at it as a violation of REG Breverse redlining. In speaking with the national vendor that wrote this policy, they see nothing wrong with it and several banks across the country use it and have had no problems. What is your opinion and do you know of any written info to back it up?
Where Does Regulatory Burden Come From?
07/01/2003
There is nothing quite like going through a mortgage settlement to get a fresh perspective on compliance, regulatory burden, and paperwork in general.
Reg Z: Prepare to Implement the Reg Z Commentary Update
07/01/2003
Each year the Federal Reserve Board updates the Official Staff Commentary to Regulation Z, Truth in Lending.