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Employer Sponsored Credit Program

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Question: 
If an employee of a company applies for personal credit through a program offered to the employer for their employees by a financial institution, which is for the employee's personal use and the employer is under no obligation for repayment or has no influence whatsoever in the credit decision, should the employer be notified of the approval or denial of such credit?
Answer: 

Notification would be a violation of the privacy rules unless the consumer agreed to such notification in writing.

First published on BankersOnline.com 10/25/10

First published on 10/25/2010

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Filed under lending as: 

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