12/01/2004
The FACT Act requires any user of a credit report to take steps to protect consumers from mis-use of their information by providing for information security and safe disposal of information.
11/01/2004
American Express joined the list of companies offering its customers different levels and types of identity theft protection.
10/01/2004
One of the FACT Act's new requirements is that creditors dispose of information obtained in a credit report in a timely fashion.
08/01/2004
During the next six to ten months, the FACT Act provisions will continue to take effect.
07/01/2004
The proposal for the protection and destruction of information obtained from consumer reports is out. In some respects, there isn't much new or particularly burdensome about the proposal.
01/05/2004
We are a small three branch bank. Our CEO is pressuring the staff to open new checking/savings accounts online at our website. I have been to numerous banking seminars, and from what I understand, banks that currently are opening up new accounts on their websites are suffering substantial losses. What can we do to prevent this from happening at our institution in the event we decide to open new accounts on the Web? And can we restrict the opening of new accounts to residents of our state only?
06/30/2003
I am reviewing the final reg for the CIP and making adjustments to the program and procedure we compiled several months ago. At the end of the discussion of Section 103.121(b)(2)(iii) for Lack of Verification, the final reg indicates "...a bank must comply with other applicable laws and regulations, such as the adverse action provisions under ECOA and FCRA, when determining not to open an account because it cannot establish a reasonable belief that it knows the true identity of the customer." ECOA and FCRA deal with credit products, and I do not see how the current notices apply to denial because you cannot establish someone's identity. Even if you mark "Other" the notice portion refers to credit and I believe it would confuse the applicant. Any thoughts on this?
02/24/2003
I am a loan processor and the majority of our newest business in over the phone. The customer calls into talk to a loan officer. He/she gets all the information he can at the time and pulls credit. Sometimes, if the credit is really bad, they are declined over the phone and a adverse action or denial letter sent by the end of the week. On the other hand, some prospective clients take a few weeks and sometimes a month to make up their mind. What is considered the actual application date? The date the tell us over the phone to proceed, the actual credit pull date or the date they want to come in and sign?
11/01/2002
Question: We closed a refinanced home loan several days ago and the customer just called to rescind the loan.
08/01/2002
HUD has published a proposal to make significant changes to the Good Faith Estimate that lenders issue within three days of taking an application. HUD calls this a "simplification" of the GFE.