Description
This course describes the Regulation B content and timing of notices lenders 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.
What You’ll Learn
After completing this course, students will be able to:
- Describe the notices banks must provide when they approve or deny consumer and business credit applications
- Explain banks’ responsibilities to notify applicants about counteroffers
- Explain notification requirements in the event of incomplete or withdrawn applications
- Describe how creditors must provide notifications when they act on third-party applications
