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#212149 - 07/16/04 05:57 PM Discrimination on the Deposit Side
Anonymous
Unregistered

I'm wondering if there are potential issues surrounding offering deposit products marketed as "50 Plus - minimum age 50 years"? It seems to me I've read something about REG B issues if there is an OD protection/credit feature attached to it, but in doing a search on BOL I'm not coming up with anything. Any one out there with some wisdom to share?

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#212150 - 07/16/04 05:59 PM Re: Discrimination on the Deposit Side
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,769
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Threads are there. If you have a "credit" product tied to a deposit account and it is age related, you stand to be criticized unless your age cutoff is 62, which is the definition of "elderly".
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AndyZ CRCM
My opinions are not necessarily my employers.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#212151 - 07/16/04 06:01 PM Re: Discrimination on the Deposit Side
Anonymous
Unregistered

I have searched the threads but must be using the wrong 'criteria'. I'll try again.

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#212152 - 07/16/04 06:19 PM Re: Discrimination on the Deposit Side
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,769
On the Net
1

I know there are more. I am not finding them. The Chicago FDIC said last April that this was one of the most frequent violations they were finding. Another poster recently had issues with an exam on this same point.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#212153 - 07/16/04 08:50 PM Re: Discrimination on the Deposit Side
Anonymous
Unregistered

Thanks for your help!

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