Adverse action notice requirements for business credit applicants
The NAFCU compliance team receives many questions about Regulation B’s adverse action notice requirements. Adverse action notices were included in the National Credit Union Administration’s (NCUA) 2019 supervisory priorities, and the NAFCU compliance team has written several times about them. Here are some of our most recent publications on the subject:
- Loan Modifications, Skips, and Adverse Action Notices;
- When to Include a Credit Score on Adverse Action Notices;
- What to do when you don’t: Let’s talk about Adverse Action Notices;
- Adverse Action Notices for Cosigners;
- Joint Applicants and Adverse Action Notices;
- Prequalifications and Adverse Action Notices; and
- Adverse Action Notices: NCUA Supervisory Priority for 2019.
Most of our past efforts have focused on what is required when notifying consumers about adverse action taken by a credit union. Today’s blog will solely focus on the Regulation B adverse action requirements as they pertain to business credit applicants.
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