Latest Compliance - Dormant Accounts Topics

Question: One of the reasons on our adverse action notice form is "Limited credit experience with this bank." Is this a valid reason to deny credit?

by Thomas P. Della Torre

To almost no one's surprise, fiscal 1995 has been a record-breaker with respect to flood damage claims. As of January 1996:

The FRB has published its final commentary to Regulation C, Home Mortgage Disclosure. It takes effect on January 1, 1996 and will affect your data collection and reporting for 1996.

The Federal Reserve Board is requesting comments on a proposed check fraud survey.

Between April, 1993 and the end of 1995, the OCC referred 20 fair lending cases to the Department of Justice.