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National Monitoring Information criteria Under the HMDA while the ECOA

National Monitoring Information criteria Under the HMDA while the ECOA

By Aaron Thompson, Senior Examiner, Federal Reserve Bank of Richmond

Introduction

National monitoring information (GMI) describes the loan applicant data that are demographic must collect under Regulation B, which implements the Equal Credit Opportunity Act (ECOA), and Regulation C, which implements the house Mortgage Disclosure Act (HMDA), whenever customers submit an application for specific home loans. The regulatory dependence on loan providers to get such information goes back to 1977 if the Federal Reserve Board (Board) amended Regulation B to need creditors to get monitoring information about age, intercourse, marital status, and competition or nationwide beginning on home-purchase loans and refinancing deals. 1 The Board explained that these details would assist federal regulators detect home loan lending discrimination. Customer groups additionally thought that this information could be valuable in detecting home loan discrimination that is lending. 2

Likewise, in 1989, the finance institutions Reform, healing and Enforcement Act amended the HMDA to need creditors to gather competition, intercourse, and income data from candidates for home loan loans to simply help 3 In 2002, the Board amended Regulation C to conform the number of battle and ethnicity information to modifications used by the workplace of Management and Budget. 4 Overall, the range for the HMDA information collection needs is wider compared to ECOA’s requirement considering that the HMDA relates to all home mortgages, including home-improvement loans.

On the basis of the regularity of assessment violations, complying with GMI demands could be challenging. From the one hand, Regulation B generally forbids creditors from gathering information on competition, color, faith http://speedyloan.net/reviews/checksmart/, national beginning, or intercourse “to discourage discrimination, in line with the premise that when creditors cannot ask about or note candidates’ individual characteristics, such as for instance nationwide beginning or battle, these are generally more unlikely unlawfully to cons 5 But the legislation also incorporates an exclusion in 12 C.F.R. §1002.13 that needs creditors to get GMI for home-purchase and refinanced loans secured by an dwelling that is owner-occupied. 6 likewise, Regulation C requires that creditors collect GMI for many kinds of home mortgages. Hence, creditors need to ensure they will have procedures in position to ensure applicant info is maybe maybe maybe not collected about battle, color, faith, national beginning, or intercourse, except in the context of GMI for home mortgages, if they must gather information that is certain.

Analysis supervisory information from Federal Reserve System conformity exams reveals that GMI requirements regularly show up on record of the absolute most usually violated laws. These violations include failing continually to gather GMI when needed, gathering it you should definitely required, and recording the information that is GMI. This article reviews the GMI requirements under Regulations B and C, identifies common GMI violations in Federal Reserve System compliance examinations, and discusses the new GMI provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to facilitate compliance.

ECOA/Regulation B

Under 12 C.F.R. §1002.13(a)(1), a “creditor that receives a software for credit mainly for the acquisition or refinancing of the dwelling occupied or even to be occupied because of the applicant as a major res 7 house equity personal lines of credit aren’t at the mercy of this part unless it’s easily obvious towards the creditor at application that the main function would be to buy or refinance a dwelling that is principal. 8 The required information can be noted on the program form or for a form that is separate references the applying. 9 The creditor must give an explanation for reason the data is required. In the event that applicant will not voluntarily prov 10 Unlike the HMDA, Regulation B does not need creditors to aggregate the information and knowledge into a register or report it.

HMDA/Regulation C

The dining dining table below compares the information creditors must collect under laws B and C.

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