06/23/2003
With regard to the new CIP regulations, will we have to include indirect auto loans in the ID verification process, or can we rely on the info furnished on the application to the original creditor? (aka the auto dealer.)
03/17/2003
We have begun offering GAP (Debt Cancellation Agreement) for auto loans. We are disclosing the cost to comply with Reg Z, however, do we also have to give insurance sale disclosures to the borrowers?
02/03/2003
I understand that it is not a violation of ECOA to require an ID and photocopy it at loan closing. However, also I understood that taking a photocopy of a picture ID for a loan file is considered "collecting monitoring information" which according to Section 202.13 of Reg B is allowed only for credit secured by a dwelling. Aren't we setting ourselves up for "discrimination in lending" by keeping pictures of those we approve and decline in loan files?
10/07/2002
Presently safe deposit renters can either pay by automatic payment from their checking account or send out a annual notice to pay. We are having problems collecting from the customers that we send out notices. Our bank would like to change its policy and REQUIRE renters to have automatic payment from their account or if they don't have an account with us, originate via ACH. Is there any compliance issue regarding the required method of payment? If we require auto payments, I plan to send out a letter to the renters that currently receive notices that they have until the next annual billing to change their payment method.
10/01/2002
Loan documentation has been a rallying cry in the arena of fair lending for some time.
06/03/2002
When would we use FTC's Notice "Preservation of Consumer Claims and Defenses" and where do I find the regulation on this?
03/04/2002
We are planning a new/used car loan special. The ads will list the interest rate for a new car. What disclosures need to be included in the ad?
02/04/2002
Under the GLB Act, is it a requirement to give the insurance disclosure which became effective 10/01/01 to an individual who is a guarantor on a commercial loan?
01/14/2002
01/07/2002
On 9/3/01, a question regarding <a href="http://www.bankersonline.com/compliance/gurus_cmp0903c.html">"FTC Notice/Notice of Holder in Due Course"</a> was answered by Jim Bedsole. In our case, his answer states if we have a floor plan agreement with Dealer A and a borrower purchases an auto, but directly finances with us, the notice would still be required. He also stated this could be found at 16 CFR 433 and in the FTC Staff Commentary. My questions: 1) Where is the staff commentary, so I may provide to my attorney? and 2) what types of "claims and defenses" could a debtor assert against the seller?