Most Popular Lending Content
Late Fee Begets Late Fee
10/04/2004
If a customer makes a payment from his scheduled payment book, but it arrives late, the bank charges a late fee. The bank now deducts a late fee from the next scheduled payment, and this continues to roll every time the customer is late, which forces the account to go delinquent each month. This customer went through a bankruptcy 4 years earlier, so the bank has not communicated with them in the form of an annual statement of account, annual terms and agreements, or privacy notice, even though the customer did not include this loan in the bankruptcy and never missed a payment. Now their account is reporting 7-8 months of 30 days late. Has a violation occurred?
The Security Officer's Role, Part 1
10/01/2004
by Dana Turner, Security Education Systems
Marketing Budgets Still Increasing
10/01/2004
Banks' marketing budgets have been steadily rising over the last several years as they scramble to keep up with competition from other financial and non-financial firms, a survey by American Banker
Unfair or Deceptive: New Warnings from OCC
10/01/2004
In Advisory Letter 2004-10, the Comptroller of the Currency advises national banks on credit card marketing and account management practices that may be unfair or deceptive.
Rescission and Security Interest
10/01/2004
Question: We are making a short-term loan for a lot purchase. As an abundance of caution, we are also taking a security interest in the borrower's principle dwelling.