National Equipment Finance Summit
Looking forward to attending and presenting at the National Equipment Finance Summit!
I will be leading a session on the recent core issues of regulation that have either been added or subject to change under Reg. B through the Dodd Frank Act.
Reg. B implements the Equal Credit Opportunity Act and it applies to all creditors. There are several different areas of Reg. B that have recently been amended, challenged or updated. The different areas include: the Application Process itself , Reporting , and Enforcement.
The sections of Reg. B dealing with Reporting (as it relates to Adverse Action Notice) and Enforcement (as it relates to spousal guarantees and who qualifies as an Applicant) are the two most relevant and important sections of Reg. B for our leasing community. From a regulatory prospective, understanding the nature of the Lessor’s duties, obligations and rights in relation to the Credit Applicant and its rights and duties is helpful in dealing with the Consumer Financial Protection Bureau and, Lessees against whom Enforcement may one day be necessary.