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News Release Compliance Issues - Loan Program

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Question: 
An issue has come up over a news release that features a first-time homebuyers program. I haven't been able to find any info about compliance for news release. Do you know if there are any compliance issues/regs pertaining to news releases?
Answer: 

If the news release is something you pay for, Reg. Z would view this as an advertisement. Accordingly the triggering terms requirements would have to be met.

If you are writing the news release, pay attention to Unfair or Deceptive Practices as you wouldn't want to mislead anyone. And think about Reg. B and Fair Housing as you author the content. Be clear that it is a special program and about how it is designed. Often there is a class of customers it is designed for, but some funds for other loans as well. Know where to place your emphasis.

And news release or not, it is always advantageous to promote yourself as an equal housing lender.

First published on BankersOnline.com 3/7/05

First published on 03/07/2005

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