Reg B: Notifications
Course Number: ABA
Course Code: n/a
Describes the notices banks must provide when they approve or deny consumer and business credit applications, respond to credit applications with counteroffers, receive incomplete applications, make unfavorable changes to or close existing accounts, and act on third party applications. Clarifies the timing requirements for these notices and explains actions banks must provide when an application is withdrawn.
What You’ll Learn
After completing this course, students will be able to:
- Explain bank’s responsibilities to notify applicants about counteroffers
- State notification requirements in the event of incomplete or withdrawn applications
- Explain the notices required when banks make unfavorable changes to or close existing accounts
- Describe how creditors must provide notifications when they act on third party applications
Audience: Bank personnel who take and process loan applications.