06/01/2001
CRA and fair lending are different laws, yet eerily similar. It is common to confuse the two and think that a program that meets the goals of one also meets the goals of the other.
05/07/2001
We have an elderly man who has contacted us about a loan. When he first came in "to see" if he could get the loan, the lending officer wrote at the top of the application that he would be coming back in 'if he remembered'. In the meantime, his daughter called and said that he was not mentally fit and requested that we not lend him any money. When he came in the next time, his mind seemed pretty clear this time. His payment history is good with us, and he could afford a small payment. Can we refuse the request due to the daughter's request and his mental capacity from the first visit, with violating Fair Lending? I told our lenders to be careful, we are not doctors to determine his mental ability and also would his daughter be willing for us to check on the denial "Information received from another source" if we did refuse him.
04/01/2001
April
CRA in the Sunshine takes effect on April 1, 2001. Only April Fools will miss this! Check the technical rules for disclosure and be sure you are ready.
04/01/2001
03/05/2001
We have a customer who has applied for a home loan but does not qualify because of her credit history. Her brother has offered to help her by guaranteeing her loan. the loan officer would feel better if he was co-borrower. What are the legal differences between a guarantor and co-borrower when it comes to trying to collect on a debt? and will there be a fair lending problem if we deny this loan because we insist on a co-borrower?
02/05/2001
Our bank is planning a "skipapayment" program for our loan customers around tax time. What are the compliance concerns involved in this?
02/05/2001
We have a customer who has applied for a home loan but does not qualify because ofher credit history. Her brother has offered to help her by guaranteeing her loan. the loan officerwould feel better if he was co-borrower. What are the legal differences between a guarantor andco-borrower when it comes to trying to collect on a debt? and will there be a fair lending problemif we deny this loan because we insist on a co-borrower?
02/05/2001
Help! We just crossed the magic threshold of having 50 employees. I am told this makes us subject to the affirmative action laws and requirements. Are there some common mistakes that companies typically make in the affirmative action area? We don't want to get nailed.
02/01/2001
02/01/2001
MarchMarch 9 is the due date for comments on the Federal Reserve Board's proposal to amend Regulation C, HMDA, to increase the information reported on the LAR.