Latest Lending - Marketing Topics

Question: Our consumer lending center sometimes takes calls from consumers who want to apply for a mortgage loan.

A provision in the FACT Act requires notices to recipients of offers of credit that were prescreened using the consumer's credit report.

The U.S. Department of Justice is working hard at fair lending enforcement. This is not a concern that has faded into the background. Quite the opposite is true.

Fair lending enforcement actions lay out the actions needed to correct a problem that has been identified.

The Consumer Advisory Council discussed a variety of current topics at its fall 2004 meeting. The meeting is always an early alert for the year's compliance issues.

Banks' marketing budgets have been steadily rising over the last several years as they scramble to keep up with competition from other financial and non-financial firms, a survey by American Banker

In Advisory Letter 2004-10, the Comptroller of the Currency advises national banks on credit card marketing and account management practices that may be unfair or deceptive.

Note: special thanks to Mollie Newsome Sudhoff for research and assistance with this article.

During the next six to ten months, the FACT Act provisions will continue to take effect.