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Regulation B Application vs Completed Application

Question: 
Under Regulation B, there is a separate definition for an application and a completed application. Is there a requirement to monitor and track for an application and a completed application?
Answer: 

An application is a request for credit. It can be oral or written. A completed application is when you get all the information you need to make a credit decision. There is no formal regulatory requirement to have a monitoring and tracking “system”, but you need to know when you have an application or a completed application because they trigger other compliance requirements.
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Applicants and Applications

First published on 09/10/2017

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