I am wondering what part Regulation V plays in FCRA and FACTA? I have been asked to review this for my next test and would like a little more insight into it.
Does the risk based pricing notice or the pricing exception notice replace any and/or all of the FACTA disclosures on consumer real estate transactions?
What individual risk assessments is a bank expected to perform? How do the individual risk assessments fit together with an "enterprise risk assessment"?
"Medical information? We don't have medical information on our customers!"
I am in the process of updating my loan policy to reflect recent changes to FACTA and predatory lending. I was going to just add a general statement to the policy stating that we comply with the changes in the FACT Act. Should I elaborate more in my policy and do I need to outline the entire Act in my procedures? What recent changes that I may have missed that need to be added to adjusted to my policy?
We use risk based pricing. Are there any regulations that require the risk based price to be validated? What does "validation" mean?
Must Insurors Send Adverse Action Notices?
Can our Lending department use a credit report from our mortgage department to offer a pre-approval Home Equity to a customer? Is there a section in the FACT Act that addresses this and can you refer me?
I am confused on the FACT Act, could you please shed some light on this issue? I am not clear on when we are suppose to provide this notice to the customer, please advise.