We had to reduce the credit line on a member’s HELOC because the value of the collateral has significantly dropped. What notice should I send to the member about this?
Do we have to send an adverse action notice when we terminate a credit card account due to delinquency?
The Fed and FTC on Wednesday issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose certain information to consumers.
The proposed rules from the Fed and the FTC will come into effective on July 21, 2011, as part of the credit score disclosure requirements in the Dodd-Frank Act.