Answer:
Under the section that covers record retention (202.12(b)(1)(ii)), the creditor is given the freedom to decide how to document this step as long as the records are maintained in writing and for the required period of time, which is usually twelve months for business applications. "(ii) A copy of the following documents if furnished to the applicant in written form (or,if furnished orally, any notation or memorandum made by the creditor, (A) The notification of action taken; and (B) The statement of specific reasons for adverse action; and (iii) Any written statement submitted by the applicant alleging a violation of the Act or this regulation. "
First published on BankersOnline.com 2/08/10
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