Latest Compliance - Official Checks Topics

The Federal Reserve Board has proposed an update to the Official Staff Commentary to Regulation B, Equal Credit Opportunity.

The word from the regulatory agencies is out, and it's final. There will be no delays in implementing the new CRA regulation and examination procedures.

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?

Question: Our bank is planning to offer a "debit" card. Is there anything we should be concerned about under ECOA?

October 1,1995 was to have been a big day in the world of criminal referrals and currency transaction reporting. Simplified forms and reporting procedures were to have taken effect that day.