Does a Tax Service fee have to be included on the TIL disclosure? In a highly reputable banking compliance publication that shall remain unnamed, I recently read an article entitled "Grossing Up Public Assistance Income". In this article it stated "Under ECOA, while making loan approval decisions, banks must not discriminate against applicants who receive public assistance income. Generally this income is exempt from federal income taxation. If the income is exempt from taxation, then before making a loan approval decision, this exempt income needs to be grossedup to a pretax, taxable incomeequivalent amount." The article goes on to say that a "client bank" was written up for not doing this and the examiners also said that this also needed to be spelled out in the bank's loan policies and procedures manual. I've read every word in my Federal Reserve Manual under Regulation B, to include the commentary, and can find no reference to this. In the past, we have always considered this to be a "gross" income since it was not t axed. I have a HMDA related loan that has an sole income source of Social Security Benefits and need to know what my "gross" income figure is. I would appreciate any assistance that you could give me in light of this new information. Thank you in advance for your help.
What is our right to offset a delinquent personal loan with a DBA deposit account bearing the same social security number?
Customer has a checking account with Direct Deposit of monthly Social Security and has requested our $500 overdraft protection product.Can the minimum monthly payment be automatically deducted from the checking account even though it contains Social Security deposits?
Two Questions 1) I'm interested in any discussion and or procedures in place to underwrite consumer loans when applicant does not have a Social Security # however does have a TIN (Tax Identification Number)? 2) Is there anyway to determine if a TIN # is a valid number?
Where would I locate information regarding "Right to Offset or set Off" Information such as what types of accounts can the off set be applied against and any other information.