Fair lending & discrimination: a reminder

Article Abstract:

The Dept. of Housing and Urban Development's (HUD) May 1994 Mortgage Letter to its authorized lenders provide guidelines on fair lending practices. It contains the position of the federal government's Interagency Task Force on Fair Lending on the issue of discrimination in credit. The document also serves as a reminder to the credit industry that the HUD does not only govern mortgage lending, but also many other areas of consumer protection. It is therefore imperative for creditors to be knowledgeable about discrimination issues. Among the things that they should know about are the laws that have contributed to the framework of fair lending practices, such as the Home Mortgage Disclosure Act, Title VII of the Civil Rights Act, the Housing and Community Development Act, and the Equal Credit Opportunity Act. The types of proof of lending discrimination accepted by the courts are overt evidence of discrimination, evidence of disparate treatment and evidence of disparate impact.

Cover Story, United States. Department of Housing and Urban Development, Powers and duties, Mortgage discrimination, Discrimination in consumer credit, Credit discrimination

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U.S. businesses hampered by foreign court systems when pursuing overseas debtors

Article Abstract:

Creditors should develop a knowledge of the ins-and-outs of the court systems of the foreign countries they conduct business in to successfully collect receivables from debtors. This means becoming aware of the required documents for filing recovery actions, court proceedings, alternative ways to collect debts, costs of court proceedings and effectiveness of the court system. Creditors should also become aware of the unique problems present in certain countries. In Argentina, for instance, a writ of execution is needed before debtors' assets can be seized. Belguim requires sales conditions to be written in the language of debtors while interest can only be collected in Ireland if the amount is stated on the purchasing agreement. Moreover, creditors should evaluate the risk ratings of different countries prior to doing business.

Consumer Lending, Personal credit institutions, Consumer Finance Institutions, International aspects, Consumer finance companies, Debtor and creditor, Accounts receivable

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Confidentiality: never having to say you're sorry

Article Abstract:

The fiduciary responsibilities of credit and financial institutions include protecting the confidentiality of customer information from third parties. Laws and legal doctrines such as Implied Contractual Theory, Agency, and Ultra Vires Theory enhance the importance of protecting confidential client information. The customer's written consent should generally be obtained before information is released, except when a lawful court order demands the information. Staff should be made aware of company information control policies.

Management, Protection and preservation, Confidential communications, Fiduciary duties, Bank secrecy

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