Question and Answer

We have a customer who had a $5,000 unsecured Line of Credit with us. The customer repeatedly overdraws the Line of Credit, but at this time, there is an outstanding balance of $3,000. During a review of the account, the Lending Staff want to reduce the available credit on the unsecured Line of Credit to $3,000. Is an adverse action notice required?

Want to read more? Subscribe to RCM.

Please send an email to [email protected] or call 800-934-REGS for more information.

Already a member? Login Here.

Do You Need Compliance Help?

We’re here to review your current compliance strategy and help you find A Better Way to manage risk.

Phone

800-934-REGS

Email for Non-Confidential Information Only

[email protected]

Office Location

2021 Midwest Road, Suite 200,
Oak Brook, IL 60523

Endorsed By