Skip to content

Indirect Lending Statements

Answered by: 

As a credit union, we do indirect loans with dealers. The belief is that it's regulation that we send members with indirect loans a statement at least quarterly. The question is: is there a regulation requiring us to send them statements or could we eliminate this?

There is no federal requirement for this that I'm aware of. Unless there is a specific credit union regulation or a state law requirement where you are located, or a contract provision calling for the statements, you could probably discontinue them.

First published on 9/19/05

First published on 09/19/2005

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics