Search regulations

Comment for 1002.9 - Notifications

A creditor must disclose the principal reasons for denying an application or taking other adverse action

• • 1002 (Regulation B)

§ 1002.9 Notifications.

applicant's right to a statement of reasons may be given at the time of application, instead of when adverse

• • 1002 (Regulation B)

§ 1002.12 Record retention.

provided in paragraph (b)(5) of this section) after the date that a creditor notifies an applicant of adverse

• • 1002 (Regulation B)

Comment for 1002.2 - Definitions

A refusal or failure to authorize an account transaction at the point of sale or loan is not adverse

• • 1002 (Regulation B)

Comment for 1002.9 - Notifications

When an application is made by telephone and adverse action is taken, the creditor must request the applicant's

• • 1002 (Regulation B)

Comment for 1024.41 - Loss Mitigation Procedures

other notices required by applicable law, including, without limitation, a notice with respect to an adverse

• • 1024 (Regulation X)

§ 1002.12 Record retention.

credit, the creditor shall retain records for at least 60 days after notifying the applicant of the action

• • 1002 (Regulation B)

§ 1010.116 Additional information.

corporation or subsidiary, any officer or director a party to any litigation which may have a material adverse

• • 1010 (Regulation J)

Appendix C to Part 1002 — Sample Notification Forms

A creditor must provide the section 615(a) disclosure when adverse action is taken against a consumer

• • 1002 (Regulation B)

Appendix C to Part 1002 — Sample Notification Forms

Forms C-1 through C-4 are intended for use in notifying an applicant that adverse action has been taken

• • 1002 (Regulation B)

Comment for 1002.9 - Notifications

The ECOA requires disclosure of the principal reasons for denying or taking other adverse action on an

• • 1002 (Regulation B)

§ 1002.9 Notifications.

and the applicant expressly accepts or uses credit offered by one of the creditors, notification of action

• • 1002 (Regulation B)

Comment for 1002.2 - Definitions

An adverse action notice need not be given to the mortgagor or the transferee.

• • 1002 (Regulation B)

Comment for 1002.12 - Record Retention

uses a computerized or mechanized system need not keep a paper copy of a document (for example, of an adverse

• • 1002 (Regulation B)

Comment for 1002.2 - Definitions

of maturity, collateral, or amount of downpayment), a denial of the application for that reason is adverse

• • 1002 (Regulation B)

Comment for 1003.4 - Compilation of Reportable Data

Action taken - file closed for incompleteness.

• • 1003 (Regulation C)

Comment for 1002.9 - Notifications

The ECOA notice sent with a notification of a credit denial or other adverse action will comply with

• • 1002 (Regulation B)

Appendix C to Part 1002 — Sample Notification Forms

example, if “inadequate down payment” or “no deposit relationship with us” are common reasons for taking adverse

• • 1002 (Regulation B)

Comment for 1003.2 - Definitions

register, even though these requests may constitute applications under Regulation B for purposes of adverse

• • 1003 (Regulation C)

Comment for 1002.9 - Notifications

Whether a creditor must provide a notice of action taken for a prequalification request depends on the

• • 1002 (Regulation B)

Comment for 1003.4 - Compilation of Reportable Data

Reason for denial - adverse action model form or similar form.

• • 1003 (Regulation C)

Comment for 1002.9 - Notifications

regulation does not require that any one method be used for selecting reasons for a credit denial or other adverse

• • 1002 (Regulation B)