When helping a loan officer determine whether the bank must give a written adverse action notice to a business loan applicant, what should the compliance officer consider?
A.
Current net income
B.
Gross revenue for the preceding year
C.
Length of time the applicant has been in business
D.
Type of business entity (that is, corporation, partnership, or sole proprietorship)
The gross revenue for the preceding year is one of the factors that the compliance officer should consider in determining whether the bank must provide a written adverse action notice to a business loan applicant. This is in accordance with the regulations set forth by the Equal Credit Opportunity Act (ECOA).
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Cam22
4 months ago