Latest Lending - Interest Topics

If you are hoping that the Department of Justice's interest in fair lending enforcement is fading, you are headed for disappointment.

by Pat Patrick, Banc One National Regulatory Compliance Division

Remember the days when we all called it "consumer compliance"? There was the Consumer Credit Protection Act and all those stories about consumers who needed help.

In keeping with its annual schedule for updating the Regulation Z commentary, the Federal Reserve Board has proposed revisions to the commentary.

[Date]
William W. Wiles           RE: Docket No. R-0942
Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, N.W.

Truth in Lending and Regulation Z apply to all consumer credit, that is, credit requested by a consumer and for the use of the consumer. Business loans are exempt from Regulation Z.

Question: When an applicant changes their loan request while the application is being processed, must we provide a new good faith estimate or is the one we provided when the application was

The Federal Reserve Board has published for comment regulations to implement the 1996 amendments to the Equal Credit Opportunity Act.

At a recent meeting of the Washington, D.C.

It is not unusual for large financial institutions such as Citibank, Chase, Bank of America, etc. to get 100 subpoenas a week.