08/04/2003
Our bank is going to start offering online loan applications for customers to print, fill out and send in for home mortgages. Do we have to give any disclosures out on the Web site to customers printing up a loan application? We will also be taking applications for new accounts online. To stay in compliance with the CIP regulation, will they have to come into the bank for the account to be opened? Do we have to have the disclosures online or can they be given to the customer when the customer comes into the branch?
08/01/2003
I think training officers and instructors will look back upon 2003 as the year from hell.
08/01/2003
FDIC has issued examination procedures for payday lending.
08/01/2003
When the Federal Reserve Board's Consumer Advisory Council ("CAC") meets, the discussion often serves as an early warning system for financial institutions.
06/02/2003
Does a potential guarantor have a right to see the credit report or be told of negative items or credit scores for a potential borrower? Specifically, an existing customer of our bank sent in someone for a car loan. The existing customer offered to guaranty the loan. We ran a credit report on the potential borrower, and the credit scores were low and the report contained various collection items.
06/01/2003
The rules are out and the initial shock wave is over. No more excuses. It is time to get serious about building a Customer Identification Program.
Coverage
04/21/2003
When you have several individuals (4 or 5) who are all co-applicants, may we discuss all applicant's financial information with the primary applicant since all applicants will be personally liable. For instance, the financial information we are lacking to make a credit decision or why we cannot approve the loan request because of insufficient combined income to service all of the applicant's debts?
04/01/2003
03/01/2003
02/01/2003
April
New Regulation W takes effect for transaction as of or after this date.